"If there's a way to do it better, either find it or find someone that can help you find it - Patrick Egbunonu
In a previous blog, I explained that Innovation is different from Invention. Innovation is several steps ahead of invention as it entails bringing something new to the market place. Different types of innovation have been highlighted in academic and industry articles. One of the most popular topic in the field of Innovation is "Disruptive" Innovation, first introduced by the management guru Clayton Christensen.
More recently, I've been thinking about, and studying, the concept of "Collaborative Innovation"- the process whereby one party works with another party to develop unique products, processes, ideas that are eventually made available in the market place. Open Innovation, though a little bit different, is a similar term used to define this type of Innovation. With today's fast paced rate of change, it's becoming more and more important to tap into resources within and outside one's organization in order to deliver innovative products and/or processes. Today's social media platform gives organizations powerful tools to engage customers, suppliers and other parties in collaborative innovation. The good news is that given how closely connected the world is today, companies can tap into talents, customers, suppliers across the globe to come up innovative solutions to pressing customer problems.
"One can chase a thousand and two can chase ten thousand - Deut 32:30
A few things to consider before embarking on any type of collaborative innovation includes:
1) What problem do you want to solve - What's in it for customer?
2) What does your company benefit by solving the problem - What's in it for you?
3) Why can't your company solve this problem in-house?
4) What does your collaborator gain by solving this problem - What's in it for the other party?
5) How do you sustain the relationship with your collaborators?
6) What can you offer your collaborators that your competitors can't?
7) Have you identified your co-innovation risks and, defined ways to mitigate them?
"When innovation depends on collaboration, pursuing strategies that play to your strengths but undermine your partners is a recipe for failure." - Ron Adner
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