KEY OPEN INNOVATION LESSONS!!

OPEN INNOVATION WAS DEVELOPED BY HENRY

CHESBOROUGH

Open innovation is the use of purposive inflows and outflows of knowledge to

accelerate internal innovation and expand the markets for external use of innovation,

respectively

HINDUSTAN UNILEVER

For Open Innovation to work it must come from the top and be

part of entire companies culture...

Operation Bushfire was a drive from Unilever’s

management to change the Businesses culture. It was

an incredible success. www.blog.oldstlabs.com/open-innovation-example/

AN OPEN INNOVATION FAILURE!!

$50 million loss on their first open

innovation project!!!

Lego learnt:1.You shouldn’t try to do everything yourself.2. Open Innovation is about taking chances

IDENTIFY 5 KEY ACTIONS FOR PREPARING YOUR ORGANISATION FOR

OPEN INNOVATION

1. Show top management success stories2. Incentivize programs to recognize innovation

3. Identify stakeholders and define effective communication channels

4.Ensure those involved are not scared to come forward with new ideas (It’s ok to fail)

5. Facilitate spaces to generate ideas

CORE SKILLS FOR AN OPEN INNOVATION LEADER

1. Leader must be able to read situations, understanding the social context which influences behaviour.2. Have the ability to clearly convey their ideas in a form that generates trust. 3. Show that they are honest with both internal and external stakeholders about innovation. 4. A good communicator, able to explain and convince other peers about ideas. 5. have the ability to connect with others, understanding their needs and wants.

TRUST IS THE CORNER STONE IN OPEN INNOVATION

OLD ST LABSINNOVATING THE ENTERPRISE

WWW.OLDSTLABS.COM