Open Innovation Examples - MIT ID Innovation

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Open Innovation Examples What Can We Learn
From Them? MITID Innovation
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Both large and small companies in the present
times agree that creativity and innovation are
indispensable to maintain business progress and
increase market competitiveness. Nevertheless,
the conventional closed innovation model
encountered obstacles and lacked new idea
creation amongst the in-house business team.
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It was why the concept of open innovation came
into existence. Open innovation examples strive
to enhance the business capability to innovate
brand-new ideas for products and solutions
through the external ideas given by customers and
partners to accomplish market success.
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Also, the ideas accumulated and assessed during
the analysis stage can assist the teams in
overcoming the innovation uncertainty, expenses,
time and commitment as the ideas come right from
the external contributors.
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Open Innovation Examples
Here are some of the Open Innovation Examples.
Have a look to know in detail. Coca-Cola Coca-Cola
has been one of the leading businesses in the
realm of innovation right from the time Raymond
Loewy devised the Coca-Cola fountain dispenser in
1960. Presently, the corporation embraces open
innovation principles between the company and
other administrators on different levels.
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LEGo
During the 1990s, LEGO endured difficult times
because of drastic reductions in sales and
consequent earnings. After this period, strategic
determinations and innovations led the company to
a more innovative path than before. The unique
LEGO strategy strived to concentrate on the
customer by combining industry and creativity.
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Samsung
Samsung is another example of companies that
embrace open innovation to create their external
innovation forces through the Samsung Accelerator
program. This drive strives to build cooperation
between innovators, designers, and intellectuals
to implement diverse solutions.
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Facebook
Facebook adopts an impressive internal open
innovation model. At Facebook, the team conducts
hackathons for their employees. The purpose of
these hackathons is that the employees develop
innovative approaches and discoveries and create
initial versions of them. These hackathons are
not solely for developers but every employee
within the company.
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Become An Open Innovation Expert at MIT ID
Innovation
MIT ID Innovation is India's most renowned
educational institute for innovation courses.
Also, the principal aim of our mentors at MIT ID
Innovation is to create and foster intellectual
innovators with their unique pedagogy skills and
comprehensive learning materials. So what are you
waiting for? Enroll yourself at MIT ID
Innovation.
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Conclusion
MIT ID Innovation Programme curates knowledge and
experiences that challenge the very paradigm of
evolution. And that's why we have set out to
define the future of industries, communities,
cities and ecosystems. MIT ID Innovation offers
the best Courses in Innovation.
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