Does it sound like the title for the next James bond movie? Sorry for raising your expectations. I have used this title to explain a situation commonly faced by in-house R&D departments of large corporates. The âgravity theoryâ explained in one of the leading books on Innovation caught my attention. It talks about how the in-house R&D community in the industry is empathising with each other when research work does not yield any results. It is treated as a given norm in the industry that you need to spend (waste) some to gain a great idea. Rising cost of innovation in the corporate world is a serious concern that many of the publications have echoed lately. My recent white paper on Disruptive Innovation talks about the rising R&D spending wherein large spending is not propionate to the outcome and how large corporate R&D environment needs to transform its innovation/R&D businesses processes.
The open innovation concept & the ever present internet environment has changed the rules of the game. Thanks to the new start-up world propelled by the private capital community. Today, Innovation/R&D ideas and concepts need to have the creative aspects and additionally, it be commercially impressive and attractive to the private investors who are making bets on these big ideas. This has brought agility, nimbleness, some amount of commercial due diligence and early to fail characteristics to the way innovation is brought to the market. Forward thinking large corporates are embracing this change very quickly. They are finding ways to collaborate with this Innovation/R&D community so that they can try to create greater outcome for every dollar spent on R&D.
Every strategy must have the execution capabilities. In this case, one would need a complete ecosystem and business processes to establish a platform that harnesses open innovation environment within an organisation. A platform which can facilitate heterogeneous communication across internal and external stakeholders, establish a global repository to publish & share business challenges emanating from a deep knowhow of the market / product space, helps to seek optimal, sustainable solutions that creates a competitive advantage to the organization, break internal silos, capture, track & manage knowledge from every project executed, measure every resource utilised in the process, facilitate intraprenerurship within the organisation, drive the business process with dash boards/analytics and all of this in a secured environment, is a key cornerstone of the execution capabilities .
Please feel free to contact me at firstname.lastname@example.org, if you would like to leverage our expertise in your business transformation through open innovation.