How O.I.Lab is contributing in open innovation ecosystem what are the impact in crowdsourcing open innovation ?
As we know Open innovation plays a key driven role in business success and Ideation or Prototyping are the key factors for open innovation but actually there are a lot of people who are not sure what it means exactly open innovation is ? So to clarify open innovation and how o.i.l contribute in open innovation ? We write an article .
What is open innovation ?
Open innovation is a business model that encourages you to connect with outside sources so you can profit from exciting new startups and product opportunities, get broader pool of talent, collaborate with others to come up with innovation that you could never do just by yourself.
In other words, open innovation is combining internal and external ideas as well as internal and external paths to market to advance the development of new technologies.
Open innovation is a broad sector to learn so we break open innovation broad topic down into 3 parts which are as follows :
- Core Innovation
- Adjacent Innovation
- Transformational Innovation
First Core Innovation : Improvements to existing or refining an internal process, that results in better customer service.
Example: Redefining the existing service with additional improvements.
Like the first iPhone was a moonshot but since then it is the incremental improvements to the larger touch screen, the app store, the camera, and the entire ecosystem that crosses devices and makes a customer’s digital life one of ease and convenience.
Second Adjacent Innovation: A step beyond than core innovation, adjacent innovation takes an existing product or service, or knowledge and applies to to a new or emerging market.
Example: A company offering their services to others through other company service.
Amazon is the best example of this. The online bookstore leveraged their digital storefront and logistics capability to make selling products online accessible to anyone. In fulfilling their own eCommerce infrastructure needs, Amazon Web Services was born and now powers companies like Netflix and AirBNB.
Third Transformational Innovation: Most radical among three innovations.They involve a heavy amount of research, testing and market validation before being fully implemented. Managers and executives will be the most tentative about these types of innovation as they are the heaviest draw on departmental and company resources in the form of time, and budget. They also have the longest horizon for achieving a potential return on investment and therefore are seen as the riskiest.
Example: Invention of something new in the market. Like Inventing Macintosh revolutionise the entire market industries.
Innovation can take your business to the next level. Think about it. If businesses constantly do the same thing, there’s no way a business can grow. So whether innovation means inventing new products, new ways of marketing or just new ways of thinking, it can help a business grow, evolve and flourish. Oftentimes, this occurs when multiple existing ideas are combined into a new discovery that ignites an organization or industry.
Now this is where O.I.L contribution comes up in open innovation. O.I.L, A platform where thousand of enterprises come with their problems and meet the geek students/developer to find ideation and prototype solutions from students and developers.
How O.I.L actually works ?
Working is simple with a motive of build an ecosystem in between the students/developers and enterprises so they can collaborate easily to figure out a solution of a problem.
For Enterprises ,O.I.L provides the platform for enterprises to conduct real time problems contest and get hired the desire candidate on their required bases
For Students ,O.I.L merge with thousands of companies, conducting thousands of competitions/hack-a-thons, through this it will be ease for enterprises for hiring right candidate for the problem
What will be the impact of crowdsourcing open innovations ?
Before getting know how crowdsourcing getting an importance in open innovation first we discuss what is crowdsourcing ? Crowdsourcing is used as a collective intellectual gathering of information that comes from the public and is then used to complete a business-related task. In other words, businesses use an outsourcing task that’s usually performed by an crowd , to get the solution of an problem.
Crowdsourcing is about passions, talents, skills and tangible resources facilitated by high tech platforms like O.I.L . Which provides you on-demand access to the highly skilled people you need to rapidly develop high-quality problem’s solution. Today many large organizations are too slow and speed is what really matters in this digital economy and to accelerate process crowdsourcing plays major role in development process.