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| Faq » |
| What is Innovation? |
| Innovation can be seen as a change in the thought process for doing something, or the useful application of new inventions or discoveries. It may refer to incremental, emergent, or radical and revolutionary changes in thinking, products, processes, or organizations.
Innovation may be linked to changes in efficiency, productivity, quality, competitive positioning, market share, etc. can all be affected positively or negatively by innovative forces. All organizations can innovate, including for example hospitals, universities, and local governments.
For innovation to occur, something more than the generation of a creative idea or insight is required: the insight must be put into action to make a genuine difference, resulting for example in new or altered business processes within the organization, or changes in the products and services provided. |
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| What is 'Open Innovation' (Source: Wikipedia) |
| "Open Innovation is a term promoted by Dr. Henry Chesbrough a professor and executive director at the Center for Open Innovation at University of California, Berkeley .
The central idea behind open innovation is that in a world of widely distributed knowledge, companies cannot afford to rely entirely on their own research, but should instead buy or license processes or inventions (e.g. patents) from other companies. In addition, internal inventions not being used in a firm's business should be taken outside the company (e.g., through licensing, joint ventures, spin-offs). In contrast, closed innovation refers to processes that limit the use of internal knowledge within a company and make little or no use of external knowledge.”
Learn more about Open Innovation here |
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| Benefits of Open Innovation |
| Open Innovation brings many benefits to organizations. Companies no longer have to rely solely on their in-house R&D and product development teams to launch new products, improve existing products, solve existing problems or uncover new technologies.
The rising cost of technology development and shorter product life cycles makes it imperative for organizations to go outside their four walls for solutions. Open Innovation enables organizations to expand their reach to the global brain comprising scientists, researchers, students, faculties, research institutes, inventors, consulting firms, small and medium sized businesses and entrepreneurs.
Incorporating Open Innovation into your organization's overall innovation strategy helps in:
- Faster time to market
- Reducing R&D and Product Development Costs
- Tapping Global pool of Experts
- Getting New Product Ideas
- Uncovering Ready Made solutions
- Sharing your risk with others |
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| What is Crowdsourcing ? |
| Crowdsourcing is the act of outsourcing tasks, traditionally performed by an employee or contractor, to an undefined, large group of people or community (a crowd), through an open call. The concept of crowdsourcing depends essentially on the fact that because it is an open call to an undefined group of people, it gathers those who are most fit to perform tasks, solve complex problems and contribute with the most relevant and fresh ideas.
For example, the public may be invited to develop a new technology, carry out a design task (also known as community-based design and distributed participatory design), refine or carry out the steps of an algorithm, or help capture, systematize or analyze large amounts of data. Crowdsourcing is a distributed problem-solving and production model. In the classic use of the term, problems are broadcast to an unknown group of solvers in the form of an open call for solutions. |
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