One of the hottest topics in business management nowadays is open invention. The concept uses an open business model for companies to "co-innovate" with their partners, suppliers, and customers - in order to accelerate the rewards of innovation. For example , a small or midsized company develops a game-changing fresh idea and works with a larger company to bring the product to promote. Simply click here to find out more about Open innovation.
Through the collaborative relationship of open invention (OI), companies are able to leverage fresh ideas and products, and conduct experiments at cheaper risk amounts. However , OI does bring up a few concerns, like who owns rights to the mental property or home (IP). OI should be conducted in a manner that encourages mutual trust and respect. It can be a double-edged sword when the larger company insists on owning the IP in exchange for his or her expenditure. The OI relationship could be a tricky one to navigate.
Big corporations like Nestle, Kraft, Siemens, General Mills, and Clorox all participate in open invention practices. Here is a case study of the open invention process on Proctor & Gamble, one of the most respected consumer product companies on the planet. P&G introduced their Connect + Develop system on their website on pgconnectdevelop. possuindo. The site is a place where the general public can distribute their innovations, learn about successful business partnerships, as well as scavenge current IP needs of the corporation.
"Historically, P&G relied on internal abilities... All of us did not positively seek to connect with potential external partners. Times possess changed, and the world is more connected. In the areas in which we do business, you will find numerous scientists, engineers along with other companies globally. Really want to collaborate with them? We now embrace open invention... inch reads the P&G website. In just over two years, the program has received 7, 500 submissions. P&G has generated more than 1, 000 active agreements with invention partners, and claims more than 50% of their product initiatives involved collaboration from outside innovators.
In the Connect + Develop system, innovators must have their own IP in place before these people submit their idea. This protects the innovator while the IP adds value to the organization -- the key is to build romantic relationships and produce win-win deals. Via working together and developing effective ways to manage IP rights, OI can further advance innovative culture and create favorable results for everyone parties involved.
Here are some tips to get nurturing open invention in your business.
It requires control, courage, and durability to create a balanced open innovation relationship. In a balanced relationship, the IP or technology of the inventors or small business should remain theirs.
Develop both reactive and proactive ways to address open innovation. In the reactive part, invite the world's finest innovators seeking open innovation opportunities to develop your IP needs.
Proactively, tap into local educational institutions, companies, and venture capital firms to fulfill inventors, set up networks, and make connections that are not readily apparent to most people. For more info check out open innovation platform.
Write something about yourself. No need to be fancy, just an overview.