Page 6 - 15 Best Practices to Manage and Finance Innovation

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BEST PRACTICE
THE THE CHALLE
STRATEGY / VISION AND GOVERNANCE OF OPEN INNOVATION STRATEGY / VISION AND GOVERNANCE OF OPEN INNOVATION Vision Vision and and open open innovation innovation Vision Vision and and open open innovation innovation NGE OF: INNOVATION INNOVATION MANAGEMENT THE OF: INNOVATION INNOVATION DEFINING THE THE THE VISION AND OPEN INNOVATION INNOVATION STRATEGY FOR THE THE THE BUSINESS In today’s increasingly complex and and rapidly evolving economic and and technological environment companies have had to to shift from a a a a a a a a a a a a ‘closed’ to an an an an ‘open’ innovation management paradigm based on on on the the concept that they can and should use external as as as as well as as as as internal internal ideas and and both internal internal and and external routes to to market as as as as they look to to commercialise their technology COMPETITORS’ MARKETS
INTERNAL SKILLS BASE
EXTERNAL SKILLS BASE
EXTERNAL TECHNOLOGY INSOURCING
OUR NEW MARKETS
OUR CURRENT MARKETS
EXTERNAL SUBSIDIARY CO-INVESTMENT
Open innovation aims to to bring together a a a company’s internal and external innovation processes in order to improve agility and competitiveness Participatory and collaborative innovation involves building partnerships and alliances between a a a a company and its innovation ecosystems These can include both public partners (research centres labs clusters etc) and and private partners (start-ups SMEs and and large groups) A company’s open innovation strategy
should align the Executive Management Team’s objectives for the the business with their priority areas of development in the short medium and and long term Subject to a a a a a a gap analysis and and acceptance by management this becomes an an an innovation roadmap steering future strategy
and providing an an ‘innovation reference’ tool for the the operational management of the the company's innovation function ABGI's
BEST PRACTICES
Establish an inventory of existing sources of innovation within the business Brainstorm new activities and new business models Conduct a a gap analysis between the inventory of existing innovation and results of brainstorming Prepare an innovation roadmap around several major short medium and long term development strategies Draw up an action plan and deploy tools to implement the strategy
Communicate the Executive Management Team’s vision to encourage universal support Formalise the company's open innovation strategy
by finalising an innovation roadmap Invest in in new technologies and the integration of external skills
Reduce cost and development time Share the the risks associated with the the uncertainties of innovative concepts and projects Diversify the company's offerings and access new markets
Improve the conversion rate of active innovative projects BENEFITS FOR THE BUSINESS – this will allow you to:
HOW BEST TO DEFINE YOUR OPEN INNOVATION STRATEGY