Open Innovation - five steps to success

1. Start from the top. ‘Open Innovation’ has to be a project embraced by management. If management doesn’t lead the way, it will end as a “hobby project”, which generally don’t deliver benefits to the company. The process needs to be controlled from the top. Both professionally and managerial.

2. Loose and strict control. You need very clear objectives and strategy to succeed. If the innovation strategy is missing or is vague, the effort will lose the focus needed to succeed. A loss in focus leads to project creep and will leave the initiative open to diffusion.

3. Adjust the culture. A progressive and extrovert innovation strategy means that the culture of the company must be adapted to the environment.

4. Embedding the objectives. Open innovation and its execution should be embedded into both personal objectives and company objectives to ensure that they become business as usual.

5. Overall view. Innovation is more than just the development of new products or services. The entire company should embrace innovation thinking in order for Open Innovation to work.

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