WHAT IS OPEN INNOVATION?
Open innovation can be used as a tool to complement organizations' internal R&D at strategic times during the innovation process. The use of external sources can expand the innovation potential of an organization.
Organizations use open innovation to access more diverse sources of ideas and talent. The goal is to find opportunities to solve unmet needs with the help of the right partnerships.
To do this, many companies are now implementing open innovation programs to look for other ways to increase the efficiency and effectiveness of their innovation processes. We at INAM organise and host Open Innovation Challenges on behalf of our members.
OPEN INNOVATION CHALLENGES AT INAM
Previous Open Innovation Challenges: An Example
One of our INAM Members was looking for Advanced Fabrics Startups to improve their products - airbags and seatbelts. With this in mind, we launched an Innovation Challenge to find the most promising startups working on Smart & Light Fabrics.
After defining the brief, INAM organised an intensive tech scouting process. We received many applications from different parts of the world and together with our INAM Member (the Challenge organiser), we selected 5 finalists to come and pitch during a one-day event in Berlin.
3 of the 5 Finalist Startups were then chosen to run pilot projects with the company, which are now in their initial development phase. The entire Innovation Challenge, from idea to pilot projects, took 3 months, with 90% of the work done by the INAM Team.
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