Edinburgh, Scotland -- (SBWIRE) -- 08/04/2014 -- In a recent study conducted by Leeds University Business School, several academics and businesses all over Europe and were brought together to investigate on open innovation and how these companies intermingle with people beyond their business while trying to innovate. The aim of the research is to enhance the understanding of open innovation to boost economic development in Europe.

“Open innovation is a paradigm that assumes that firms can and should use external ideas as well as internal ideas, and internal and external paths to market, as the firms look to advance their technology”. Not merely relying on the ideas and expertise of the internal team and making use of other resources beyond the business is what open innovation – the secret of many of the most flourishing and pioneering companies in the world.

Ask the most prominent companies in different fields what makes them successful and you are sure to get an answer that it’s because they made use of ideas, solutions, and technologies that have been developed by other organizations and experts. They have adopted a culture of product of someone else’s output. And they are never ashamed of admitting that this method of adopting open innovation helped them propel their business and move forward.

What are the benefits of open innovation?

In the said research conducted by LUBS, the Management of Emerging Technologies for Economic Impact network found out that giant companies like Deutsche Telekom, Bayer MaterialScience, Intel, Glaxosimithkline, and Siemens, have been enjoying open innovation as their means of improving their problem-solving capabilities. Crowdsourcing is another method that is being used by larger companies to extrapolate potential business opportunities out of other people’s ideas mostly through the use of social media. This practice has been developed to identify gaps in the market and whatever it is that businesses need to understand in order to grow their network and increase their revenue.

The principle of open innovation lies in the idea that capturing other people’s or other organization’s expertise would help other businesses to have more cost-effective operations. Adopting a technology or collaborating closely with a group like OrganizedMenlo Park, CA Feedback which provides the best idea management software help make it natural for employees and their managers to share and develop ideas whose outcome would be continuous improvement, innovation and competitive advantage. Collaborating with an external partner makes it possible for any business who wants to shape an innovative product or service using a technology or solution that might not fit an existing business model, but would be proven an effective method for them via commercialization.

Indeed, the probable advantages of minimized costs and the enhancement of groundbreaking services or products are unraveled with the use of open innovation.

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