Why Open Innovation?

GROW YOUR BUSINESS WITH OPEN INNOVATION

Your company needs a new solution. Do you develop it in-house or crowdsource for ideas?

You believe your idea or solution can address a market demand. How might you finetune it and find resources for test-bedding?

Open innovation is a way to access ideas and resources, and develop viable solutions in a shorter timeframe. Join hands with like-minded partners on your innovation journey and stand to gain these benefits.

Access talent and resources

Solution providers can access infrastructure, support and funding to speed up your development process, while challenge owners can tap external expertise and ideas to create better solutions.

Divide the risks

Innovation often involves an experimental phase when the chance of failure and the cost of trial and error is high. Your appetite for risk and your resources may hold you back from trying out new solutions. Open innovation is a way to spread the risks of experimentation.

Accelerate your solutions

Speed matters in a competitive business landscape. However, it may take months or years to grow an idea into an invention. Shorten the time-to-market for new products by working with other firms that match your innovation goals, such as via licensing agreements.

Make an impact

Co-creation builds on each partner’s strengths to achieve win-win results. Together, you can develop more robust business solutions, create more value for each other, and make a bigger impact on the industry and society.

Expand your network

Your open innovation partner can provide connections to future business opportunities, or help you venture into new markets locally or abroad. Widen your business network and open up new opportunities beyond the current project.

Join open innovation to grow your business and be future-ready. Check out these tips to start you on your open innovation journey.

Whether you are a solver or a challenge owner, join the challenges today.