Types of open innovation that will improve the performance of your company

Open innovation is a model that allows you to take advantage of your own and non-company knowledge flows in order to create or improve products or services. Did you know that giants like Coca-Cola, Samsung or Lego are firmly committed to it?

It reduces risks, allows you to find new talents, saves time and money in R&D&I… Of course, the advantages of open innovation are more than evident. So, if you’ve ever wondered what open innovation is for, you’re in the right place to discover it.

What is the purpose of open innovation?

Open innovation allows you to optimize the innovation processes of an organization as much as possible. After all, no company has all the existing talent and this methodology makes it possible to benefit from it wherever it is.

The possibility of innovating faster, more effectively and more affordable is the great asset of open innovation against closed or traditional innovation. When you wonder why open innovation, think about it: thanks to its indisputable flexibility you can benefit from collective intelligence (customers, other companies, public sector, universities, etc.).

What types of open innovation are there?

Inbound open innovation (from outside to inside) or inbound

This type of open innovation consists of importing external innovations in order to incorporate them into the company itself.

  • Capture the knowledge and technologies of the external media through collaborative networks. They can be both vertical and horizontal.
  • It is essential to carry out exploration processes consistent with finding and acquiring innovations.
  • This modality can be pecuniary or non-pecuniary, depending on whether or not they involve payment for obtaining knowledge.
  • It is the most common modality of open innovation and the one that has received greater development both at a theoretical and practical level.

Salient (from the inside out) or outbound

When a company exports its innovations, we are facing an outbound open innovation. In this case, those ideas and technologies that have either not been used or have been used below their possibilities are shared with other organizations.

  • It allows to generate income derived from the sale of intellectual property.
  • As with the inbound form, we can talk about pecuniary and non-pecuniary subtypes.
  • It is less frequent than the inbound modality and has received less theoretical and practical development.

Hybrid or coupled mode (coupled)

It is still possible to talk about a third type of open innovation that combines inbound and outbound methodologies. In this case, the innovations come from both, the export and the import of ideas.

The main characteristic of the coupled modality is that, with it, it is intended to integrate the entry process with the exit process through collaborations, alliances or joint ventures.

How to put open innovation into practice

At this point, you should be clear about why open innovation. However, this concept may seem too academic and, therefore, difficult to bring to business practice. Fortunately, all you need to make it happen in your business is to have the right tools. At this point, open innovation ecosystems are revealed as your best allies.

Open innovation ecosystems are networks that bring together people and organizations that work on the same project or technology. Consequently, all members of this type of community are united by a common interest.

Starting to benefit from open innovation through an ecosystem is very quick and easy. What’s more, it is enough to use a platform specialized in the creation of this type of network. From there, you will be able to use external knowledge and talent to provide unsurpassed training to your employees, suppliers or customers.

Why open innovation through an ecosystem?

  • Open innovation ecosystems are extremely versatile. In fact, they are already being used in numerous fields of knowledge (3D printing, IoT, renewable energies, etc.).
  • It offers absolute freedom of action to its members. Among the many activities you can carry out through these platforms are: promoting your events, communicating directly with other companies, sharing your achievements or organizing hackathons online.
  • It is a solution that adapts to all needs. Companies or business groups can create their own ecosystem or join a pre-existing one.
  • They stand out for their suitability when it comes to developing truly avant-garde innovations. This is due to its powerful ability to integrate the entire value chain (customers, suppliers, experts…). Did you know that they are the most effective way to attract the most relevant startups and specialists in each sector?

At Acceleralia we know that you don’t have a minute to lose. That is why we have developed the digital ecosystem you need to successfully implement open innovation. What are you waiting for to book our demo?