In today’s market environment, entrepreneurs of successful start-up enterprises prefer to carry out their business operations differently in comparison to others. The rise of companies like Google, Facebook, Apple and Microsoft in recent decadesare an example of this trend. The individuals who operate such organizations say this is the only way they can stay one step ahead of their nearest competitors in the marketplace.In the initial stages, they go out of their way to experiment and come up with innovative that would chance people’s lives and obtain immediate feedback from their target audience on their efforts. Experts refer to this phenomenon as open innovation.
Open innovation platform – How can it benefit your organization?
These professionals go on to say possible for these businesspersons to come up with groundbreaking products or services making effective use of a viable open innovation platform. In the process, they will inevitably be making a positive difference in the lives of the people they serve. They point out the following benefits of taking such a step:
- Leads to the creation of groundbreaking products or services
Any enterprising entrepreneur of a start-up business will tell you that there is nothing more satisfying than to see the launch of their first innovative product in the market. However, after the initial excitement and success, it is common for such a businessperson to become complacent. This is because he/she concentrates all his/her resources and efforts selling this single product rather than coming up with the ‘next big thing’ for their target audience. However, if such a proprietor wants to see an increase in his/her operating revenues, he/she need to focus his attention in this direction. An effective open innovation platform can help the achieve this objective.
- Establishing a community with the members of their target audience
Entrepreneurs need to realize it is possible for them to effective interact with people who constitute their target audience via open innovation. This gives them an insight into the type of products or services these individuals expect from them and endeavor to cater to those needs. Taking such a step increases the level of enthusiasm among the members of this community. They are usually willing to go out of their way to offer their ideas to help these proprietors come up with a better product or service.
- Employee engagement
Many business owners notice that themembers of their workforce may have groundbreaking ideas on how to improve the organization’s products or services. However, they are usually reluctant to come forward with their suggestions as they feel what they say will ultimately fall on ‘deaf ears’. This is turn out to be an important cause for employee dissatisfaction. Introducing open innovation in such a workplace, gives them a platform offers their ideas. It also increases their interest on the projects they are currently working on.
In today’s market, businesses that cannot adapt to the changes in this environment will eventually die out. Using an effective openinnovation platform to come up with groundbreaking products or services is the only way these organization can gain the competitive edge of their rivals. The above 3 advantages prove this point.