4 OPEN INNOVATION METHODS.docx

4 OPEN INNOVATION METHODS.docx - 4 OPEN INNOVATION METHODS...

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4 OPEN INNOVATION METHODS: PARTNERS AND VENDORS: The idea here is that by gathering information in an open market environment, data can be collected to predict success of the new product. 1) Partners and vendors: some companies have strong relationships with vendors and rely on market information and feedback from these partners - 1 method. Vendors have a good view of the market and changing trends and provide valuable feedback. - Dependent on the product or service being offered by the company. 2) External product designs: - Involves using internet to get ideas from open sources and people around the world. Normally for finished products and ideas. - The method can also be called CROWDSOURCING - THE world becomes your product design house. - Capitalize on consumer desires and design and develop products often for little or no financial gain
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