Written by Craig Whitcomb
As competition intensifies, businesses are embracing open innovation to enable faster growth and disruptive solutions. Those open to innovation from outside sources realize that it unlocks a floodgate of possibilities that can impact more than 30% of the bottom line each year. Without open innovation companies starve themselves of progress and limit their potential.
Here is the tale of an unwitting company that learned a valuable lesson by thinking outside of the box and utilizing open innovation just in the nick of time:
In the bustling heart of New York, where ideas sparked like electric currents, stood Massive Product Dynamics, a product sales giant, hungry for the next breakthrough. Despite their impressive track record, Massive Product Dynamics found themselves at a crossroads. The demand for innovation echoed louder than ever, and the race to stay ahead in a fiercely competitive landscape was accelerating.
Competition circled like buzzards, their eyes fixed on the once-thriving network that powered Massive Product Dynamics’ successes. The whisper of defeat hung heavy in the air, a stark contrast to the company’s once-triumphant roar.
Meet Alex, Massive Product Dynamics’ innovative mastermind. His days were spent in a labyrinth of whiteboards, sketches, and sleepless nights. For weeks he felt as though he were stuck in a box of underwhelming concepts and normalcy. The pressure to unveil the next groundbreaking product weighed heavily on his shoulders.
As his research and development team dove into brainstorming sessions, they faced an overwhelming challenge – the ideas felt stale, and the spark that once ignited creativity seemed intangible. Massive Product Dynamics needed a fresh perspective, a way to inject innovation without yielding to the industry’s notorious time constraints.
Enter Lisa, a young visionary entrepreneur with a knack for disruptive thinking. Being new to the company, she recognized that innovation flourishes from fresh perspectives. She thought about the multitude of resources outside of their organization and the potential of possibilities, if only there was a way to harness that power in a safe and productive manner. Lisa searched through several pages and search words until she stumbled upon Remarkable Venture, a marketplace for ideas that is reshaping the innovation landscape. She appreciated the simplicity of the process – a hub where innovators could showcase their ideas during development and companies could discover them, creating a dynamic, symbiotic relationship.
Curiosity piqued, Lisa began exploring the listings on Remarkable Venture. The Problem-Solution Benefits format caught her eye. Each innovation was presented in a relevant manner, with a clear identification of the problem it aimed to solve and the benefits it brought to the table. She noted that the Intellectual property was sometimes held back and realized that this was a perfect way to keep her competitors at bay. She had everything she needed to decide if the innovation was going to be a likely good fit before contacting the idea creator.
Lisa’s journey through Remarkable Venture was much like a treasure hunt. The platform showcased innovations ranging from simple kitchen utensils to cutting-edge medical devices, accommodating almost any innovation under the sun. She admired the depth of thought and the imaginative presentation of each idea waiting to be unearthed.
The streamlined process was a game-changer. Lisa realized that Remarkable Venture wasn’t just a marketplace; it was a catalyst for open innovation. The opportunity to participate early in the product development process was the spark Massive Product Dynamics needed.
As Lisa investigated Remarkable Venture, the Problem-Solution Benefits format proved invaluable. It was as if each listing was telling its unique story directly to her. No longer stuck in complex technical jargon, Lisa could quickly identify open innovations that aligned with Massive Product Dynamics’ needs.
This innovation became crystal clear – a dance between problems and the benefits of much needed solutions. The process felt like unlocking a series of secret codes that led to a treasure trove of groundbreaking ideas.
Lisa found one problem that she knew so many of their customers face. She scanned the listing and recognized that the author really understood the industry and added a creative flair to the presentation. The benefits from this solution were almost unbelievable and she wanted to learn more.
As she hovered over the contact button at the top of the listing, unsure what to expect, Lisa gathered her nerve and pressed her finger on the mouse. A short form came up asking her to note the reason for her inquiry so she selected Licensing and Purchasing, then she clicked Next to continue.
The next thing she saw made her pause. A non-disclosure agreement, built directly into the listing was there for her to review and sign. She nervously read through the contract, then quickly realized that this was simple and impartial, so that Massive Product Dynamics would have the protection needed to safely proceed. She called Julie from legal just to make sure, so Julie reviewed the NDA and informed her that this was perfectly acceptable for her to proceed. She quickly signed and submitted the inquiry, eagerly awaiting a response from her first response from a Remarkable Venture listing.
Within a few hours she received an email from Charlie, the listing creator. Lisa appreciated the polite and concise response and then noticed the attachment. Her anticipation quickly peaked as she double clicked the file icon. Instantly a video began to play and she settled in to see what interesting solution she would find. Within less than a minute, she had reviewed Charlie’s solution and had a thorough understanding of the innovation that Charlie had created. The grin was cemented on her face as she watched the short video 2 more times. She anticipated that the conversation with Charlie to follow would be just as stimulating as the video and soon after, she was not disappointed.
The next day Lisa contacted two more listing owners and found that she was similarly delighted with these results as well. Armed with a newfound arsenal of ideas and some new innovative resources, Lisa presented her findings to Alex and the Massive Product Dynamics team. The once-stale atmosphere in the R&D department transformed into a whirlwind of excitement. The team was revitalized by the possibilities, and the energy was apparent as they began to make plans for licensing, manufacturing and marketing.
Alex walked over to Lisa, hand outstretched to hers. He motioned to everyone on the team that he wanted to recognize Lisa for bringing much needed inspiration to the team once again.
From that day forward, Alex, Lisa and the team decided to take the quantum leap and work directly with Remarkable Venture for leading open innovation and inspiring ideas. They engaged with innovators directly through Remarkable Venture, shaping solutions to fit their vision. The streamlined process ensured that the journey from discovery to implementation was swift and efficient. Massive Product Dynamics were once again winning customers and leading the market.
The climax of this tale was not just about finding innovative solutions; it was about embracing a new age of open innovation. Massive Product Dynamics experienced a regeneration, not by reinventing the wheel, but by collaborating with visionaries who had already crafted the wheels of tomorrow.
Remarkable Venture became the essential tool in Massive Product Dynamics’ journey. The platform’s approach to open innovation was the solution that recharged creativity within the company.
As the sun set on Massive Product Dynamics’ journey to becoming open to innovation, a sense of accomplishment lingered in the air. Future profits were no longer a distant goal but tomorrow’s tangible reality, and Massive Product Dynamics had harnessed the power of open innovation to accelerate themselves into the future.
For companies seeking innovation, the tale of Massive Product Dynamics is a testament to the transformative potential of Remarkable Venture. It’s not just a marketplace; it’s a key that unlocks the doors to a world of possibilities.
Companies big and small can benefit from the right innovation and a multitude of creators that have a true passion for getting their ideas to market through open innovation. Our marketplace brings them together in a simple and transparent way so that everyone benefits.
In a world where innovation is the currency of progress, Remarkable Venture is the mint that crafts the future. Are you open to innovation? Remarkable Venture awaits, ready to secure your company’s next extraordinary chapter.
Visit Remarkable Venture listings and embrace your opportunity today. Create a Free Profile at Remarkable Venture and show the community your commitment to open innovation. Solo entrepreneurs to large corporations can benefit at Remarkable Venture.
To understand more about the theory of open innovation, read Henry Chesbrough’s book titled: Open Innovation: The New Imperative for Creating and Profiting from Technology. This book can be purchased at the Harvard Business Review bookstore.
Please help the community by adding your expertise relating to this article or asking/answering questions in the group discussion below. Remarkable Venture does not offer legal advice. Consult with a qualified Attorney for decisions concerning your particular needs.
