Category Corporate Innovation

Big Risk, Big Reward with Openness

Silicon Valley: Risk is the Reward

“The biggest risk is not taking any risk… In a world that is changing quickly, the only strategy that is guaranteed to fail is not taking risks. -Mark Zuckerberg, Facebook founder Silicon Valley is a physically beautiful place surrounded by mountains, forests, and the ocean. It’s also a hub for Open Innovation and risk-taking driven by […]

Crowdfunding is 4x hotter than crowdsourcing but hybrid models are the real story

Crowdsourcing isn’t new, just look at the pyramids. The essence of crowdsourcing is splitting a large task into micro-tasks for others to accomplish. This is powerful because it (hypothetically) lets you accomplish large labor-intensive tasks relatively easily; certainly there are challenges. Crowdfunding works the same way; individuals or companies can raise large sums of money […]

Indiegogo “Outpost” allows companies to crowdfund – But can’t they already?

Indiegogo, one of the world’s most popular crowdfunding platforms, has just announced that it will release a new product called “Outpost” that allows companies to integrate the platform into their own websites. Firms can use crowdfunding to raise capital for socially-driven projects, gauge demand for new products, or work with the crowd to develop their products. […]

Fidelity_Center_for_Applied_Technology

Developing an “Internal Kickstarter” program at Fidelity Investments

The Fidelity Center for Applied Technology (FCAT) is the innovation lab of Fidelity Investments. FCAT’s role is to explore new technologies and methods on behalf of the functional business units at the company. In 2013, FCAT began discussing the idea of starting an internal “Kickstarter” program and assigned me to prepare the research. My boss […]

GE Unveils Global Finalists for its Open Innovation Jet Engine Design Quest

Even GE uses Open Innovation – in this case with a design contest and $20K in cash prizes for whoever can design the most effective jet engine. This represents a fundamental shift in the ways firms innovate – reaching outside the company walls for new ideas is becoming ever more common. GE Unveils the Ten […]

Mindjet and Spigit to Merge Idea-Generation Platforms

Continuing the trend of consolidation in the open innovation industry, Spigit (a leading idea management platform) has merged with Mindjet (a task management and workflow platform). The merger represents a larger trend towards platformization of innovation – applications that large corporations can build into their day-to-day architecture and processes and scale up in order to […]

10 Trends in Open and Collaborative Innovation

The top 10 trends in crowdsourcing, collaboration, and open innovation (as reported by innovationmangement.se) Here are the trends summarized with some thoughts added: Emergence of in-house innovation teams – the field of innovation management is becoming more mainstream. Co-creation process using hybrid models – firms are learning from others and experimenting with various aspects crowdsourcing […]

Lessons Learned By A Major Automaker with a Kickstarter-like Inititative

A recent interview with an Innovation Manager at one of the major US based automakers led to discussions on a Kickstarter.com-like challenge they ran with employees. The goal was to enable their workers, those that make and market their automobiles, to develop innovations from the front lines. Employees formed small teams, developed their ideas, and submitted […]

Co-Creation and Open Innovation – A Primer

HYVI Innovation posted this short video a few years ago on open innovation accomplished with customer co-creation – it’s worth a watch for a number of examples of how firms have leveraged customer feedback and empathy improve products or services. Related articles How Top Enterprises Are Utilizing Open Innovation (openinnovation.net) How Top Enterprises Utilize Open […]