Results Open Innovation — Measuring the Return on Investment that innovation or Open Innovation brings to a company is a challenge.
Does Open Innovation perform better than traditional Innovation? To answer this question, we must first clarify how Open Innovation differs from traditional Innovation. Open innovation takes up the classic phases of variation: selection and execution. However, it does not only focus on the knowledge and resources available internally but will also rely on all possible external means for a project.
Upcoming Challenges of Measuring now Open Innovation
Teamwork will not just be cross-functional but will span across a higher number of companies, universities, governments, suppliers, customers, and individuals. While in the past traditional problem-solving processes led to perhaps a few hundred ideas, these days, a successful ideation contest– if it is directed to an external network– can quickly generate thousands of insights from different sources across the globe.
The incorporation of such a large number of diverse insights can be challenging, confusing and seems to be uncontrollable. In this context, measuring open innovation would mean that the contribution of each participating individual and their innovation tools needs to be transparently stated in a performance measurement system to accordingly evaluate the quantity and quality of their provided inputs.
It is easy to see that the level of complexity of initiatives driven by open innovation far exceeds the one which corporate innovation teams in traditionally executed innovation projects have to deal with. This means, that deploying open innovation requires not only access to financial resources and the fair allocation of responsibilities.
There is an assortment of estimation instruments for Open Innovation, yet it stays precarious to catch more modest outcomes. Some open development activities make practical undertakings with an obvious advantage. Different ventures produce subtler benefits, for example, more elevated levels of worker commitment or trust.
Things being what they are, would it be advisable for us to try and attempt to gauge open advancement? Yes. It is essential to monitor new activities and perceive how they unfurl over the long haul and what impact it has on your association. Nonetheless, if you don’t see huge outcomes directly from the beginning, don’t excuse open advancement. More modest changes are more earnestly to see, yet can gradually develop and change the nature and accomplishment of your association.