Written by Craig Whitcomb
Open innovation can be extremely important for companies to consider in new product introduction and product development programs. By partnering with external inventors, startups, and other companies, they can access a wider range of ideas and expertise that may not be available within their own organization. Here we are going to explore the importance of a good strategy for securing innovative ideas that will help grow revenue by providing 3 steps that will give you an edge to secure the innovation you need.
On average, it is estimated that new products account for around 33% of a company’s revenue. A 2018 Insights article by McKinsey & Company titled “The Innovation Imperative in Business Today” found that companies effective at innovation generated 2.6 times more revenue growth and 4.3 times more shareholder returns. Another 2018 report by Deloitte titled “The Open Innovation Revolution” found that companies excelling at open innovation are more likely to experience revenue growth that is at least 2x higher than their peers. These reasons make it clear that new product innovation is a critical factor in growing revenue and securing innovative ideas from open sources is a great strategy for new product introduction.
Developing a good strategy for finding the right Remarkable Venture listings can help maximize your company’s potential of securing innovative ideas and growing revenue. Here are some tips to help you form a strategy:
Here are a few good ways to gain insight on the inventor’s compatibility, experience and integrity.
Developing an effective strategy to find open innovation at Remarkable Venture can help you in securing innovative ideas and growing revenue by 2x or more. Participating in the community and researching listing owners can help you find the right product innovation.
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