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 and open innovation
- Expansion of the competitive model – startup firms, like TopCoder has always done, are utilizing contests to drive open innovation and creative diversity. Submitters compete for your business – see 99designs.com for another example.
- Further emphasis on incentives to drive contributions to new ideas as well as management of existing ideas.
- More digital tools to manage innovation – platforms like Spigit make it easy to track, prioritize, and quantify innovations
- Open sharing – more data, more tech, and more knowledge than ever is being shared amongst interested parties and freely on the internet.
- Emphasis on IP management – firms realize that any innovation strategy must keep patent management in mind. Being truly open means buying, selling, licensing, filing patents – get to it!
- Hybrid partnerships with startups – giant firms like Philips electronics are partnering with ‘open’ partners such as Indiegogo to open the innovation process outside their walls.
- Surge of multifaceted business models – firms are becoming more complex, innovation management must include a clear understanding of all the working pieces
- Quantification of Innovation – you need to keep track of new and existing ideas and keep count whenever possible. In many cases, this is easiest for operationally focused innovations that improve productivity by saving time or money. When imagining the potential financial impact of an innovation, keep in mind economies of scale – for example: 12 minutes per day saved by an idea x 5 days per week x 52 weeks per year x 20K employees x average hourly salary is actually quite an impressive number. Little innovations at scale move the needle, sometimes in surprising ways.
- Managing Innovation Requires Unique Leaders and Goals (blogs.wsj.com)
- When You’re Innovating, Resist Looking for Solutions (blogs.hbr.org)
- The Open Innovation Business Model (onseriesnyc.wordpress.com)
- Disappointed By Innovation Results? It’s The Culture, Stupid! (innovationmanagement.se)