Open Innovation follow in details
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| Open Innovation follow in details |
Open Innovation is the key for companies in different segments to stay up-to-date and competitive in their areas of expertise. Traditionally, the search for innovation occurs internally, among the organization's teams that seek the development of new products and services, or the improvement of those that already exist. So how can a business remain attractive and competitive to consumers by offering innovative products and services without high additional costs? This external collaboration allows development in a decentralized way, by professionals who may be geographically distant, but who approach and act on the same challenge, through the Internet. This business strategy is also capable of providing a broader view of what the market has been developing, focusing on new ideas. Therefore, you can find ready innovations, and can already be implemented, or look for players who are better positioned in certain areas. It is important to emphasize that this external collaboration may have a commercial relationship as its counterpart. Those w. What is Open Innovation for? Open innovation practices allow reducing costs by hiring specialized professionals, externally seeking the necessary experience for the proposed challenges. It also accelerates time to market (the time it takes to reach the market), increasing profitability and generating profits for organizations in different markets. The process can be applied in different contexts and markets and is not restricted to the corporate environment, which makes it possible to incorporate it into political, social, artistic, and other settings. Open innovation: why is it important to your business expand innovation practices beyond corporate boundaries, companies not only reduce their costs with innovation but also gain new ways of thinking about their business strategies, with a view outside the company: broader, objective, and without the problems that organizational culture can have. Bringing together external collaborators to the company provides a constant and stimulating flow in the innovation process. The key benefits of this process for the company seeking answers to its collaborative business challenges are:
COSTS REDUCTION
The company does not have to face the high costs of captive research and development centers or the hiring of highly qualified professionals in the search for point solutions. ho, define the bases of the association are the companies and institutions involved in the process.
REDUCTION OF TIME TO RELEASE TO THE MARKET
Reduce product-to-market time - the period between generating ideas to solve the business challenge and the platform.
NEW OPPORTUNITIES
Through collaboration with more active and better-positioned companies and institutions, it is possible to explore new market segments.
GENERATION OF NEW BUSINESSES
How to use open innovation in business?
We will use the automotive industry to exemplify how companies can use open innovation. Automakers have been taking a significant hit from changes in consumer behavior and the emergence of disruptive companies offering alternative transportation models. The arrival of Uber, which turned ordinary cars into taxis, Tesla's innovative proposal with its automatic vehicles, and the new user behavior, more aware and focused on the sharing economy, could be seen as a threat. For example, in the production of increasingly intelligent cars, you need experience that, precisely, the company does not have at its disposal. In addition to the knowledge about the operation of modern automobiles, which automobile manufacturers possess, there is a need for projects focused on data transmission, artificial intelligence, continuous information transfer, among other technologies. And the knowledge to develop these solutions can be found outside of companies.
Types of open innovation projects
Inbound Open Innovation
Outbound Open Innovation
Coupled Open Innovation
Methodologies for the application of Open Innovation
Different methodologies can support Open Innovation initiatives. These are: Design Thinking can be implemented to understand the end-user. This approach aims to observe the behavior of the user, their needs and desires, generate empathy. Therefore, it is possible to define the demand and propose positive solutions, which will be prototyped and tested, before their implementation.
Lean Startup
In this way, it is possible to maintain the innovation hypotheses, without wasting time or money.
Open Innovation of Culture
Telefónica's internal innovation is complemented by our open innovation strategy, which arises from the need to look outward to attract talent and emerging technologies that we identify in startups, to incorporate it into the company to innovate better and more. The Open Innovation team works as a link between Telefónica and the entrepreneurial ecosystem, with which we keep updated on what is happening around us and with which we identify the brightest and most disruptive projects in the startup environment to support and incorporate them into our catalog of services and our internal processes. As pioneers incorporate innovation, we understand that large companies are faced with a dilemma: innovate or disappear. We believe that corporations are capable of reinventing themselves by working hand in hand with entrepreneurs helping them scale their projects. In this way, we can identify trends, collaborate and create ecosystems that generate synergies to complete the company's digital transformation processes In 2006 we launched our first vehicle, Telefónica Ventures. Since then, we have maintained our unwavering commitment to attracting innovation to our company through collaboration with entrepreneurs around the world. During all these years, we have generated an ecosystem with different initiatives that cover all phases of entrepreneurship; a complete and unique interface between entrepreneurs; and a network of During all these years, we have invested in more than 900 startups. Currently, 500 are part of our portfolio and 130 work with Telefónica. In total we have invested 180 million euros: € 50M from Wayra and 130M from Telefónica Ventures. To date, more than 25 of our startups have a value of more than 50M, a relevant figure that shows that we help them to grow, and what is more important, to attract investors. And it is that our startups have raised 1,900M, that is, 10 times more than we have invested in them.
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