Innovation Basics: What Do We Mean by Open Innovation?

Changing the world, one idea at a time has to start somewhere. Even the organizations that regularly bring about revolutionary change had a first step to take on their journey. In the Innovation Basics series, we focus exclusively on what that first step could look like for newcomers to the innovation world. This series of Innovation Basics focuses on Open Innovation. Follow this guidance to achieve faster, better innovation.

In today’s fast-paced and interconnected world, innovation has become the lifeblood of progress for businesses and organizations. Embracing new ideas, tapping into diverse perspectives, and co-creating solutions has become the foundation for success. Yet, to become truly innovative, you need to reach further, beyond the boundaries of your organization or even a wider business network of suppliers and customers.

Enter Open Innovation – a concept that continues to reshape the innovation landscape and propel companies towards exponential growth.

A Wazoku Definition

At Wazoku, we believe that Open Innovation is not just a buzzword. It’s a transformative methodology that empowers organizations to unlock the full potential of collective intelligence. We define Open Innovation as a systematic process that embraces the wisdom of a crowd which moves beyond the boundaries of hierarchy and departmentalization.

By involving the broader public in innovation programs, companies can combine these insights with those of employees, suppliers, and customers. In turn, this allows organizations to harness wide-ranging creativity, fuelling the engine of innovation like never before.

How Open Innovation at Wazoku Works

Our Open Innovation platform provides a digital ‘arena’ where ideas can bloom and flourish. By developing a culture of collaboration, organizations create a model for innovation that thrives on the diverse perspectives and experiences of its participants. Our platform streamlines the entire innovation journey, from ideation to implementation, making the process seamless and efficient.

At Wazoku, Open Innovation takes the form of crowdsourcing ‘Challenges’, where complex problems are presented to a global network of problem solvers, aptly named ‘Solvers’.

The Wazoku Crowd is what we call this network. It combines insights and expertise from every industry and every corner of the globe imaginable. This approach beautifully complements Wazoku’s ideology, as we champion the idea that innovation knows no bounds. By inviting external solvers from diverse backgrounds and disciplines, businesses can infuse fresh perspectives and expertise into innovation efforts.

The result? Ideas that resonate with market needs and drive unparalleled growth.

The benefits of Open Innovation are far-reaching. It’s not just about finding the needle in the haystack. It’s about transforming the haystack altogether. By tapping into the collective intelligence, organizations can expedite the innovation journey, saving time and resources and minimizing risk at the same time.

Open Innovation, as defined by Wazoku and illustrated by the Wazoku Crowd, is a beacon of hope in the ever-changing world of business. It is a journey towards collective brilliance, where boundaries dissolve, and collaboration thrives.

By embracing the power of Open Innovation, companies can unlock new frontiers of growth and innovation that were once thought to be out of reach. So, let’s embark on this transformative journey together and shape a future that celebrates the brilliance of collective minds.