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The business value of open innovation lies in its ability to drive creativity, flexibility, and efficiency by leveraging external resources and perspectives. Open innovation activity needs to be part of a larger strategic vision. Here are three ways to get the most value from open innovation initiatives: https://lnkd.in/eQJ4pt3Z

🌐 Open Innovation 2.0 is here! Uncover the benefits of collaborative innovation and how it's shaping the future of industries. 🤝 #OpenInnovation #CollaborativeInnovation https://hubs.la/Q02Knt4d0

By the end of 2024, over 50% of IT spending will be allocated to digital transformation, according to multiple studies. What does that mean for medium-large-scale enterprises, whether you are in Energy or Finance or Manufacturing? Simply put, you have competitors who are allocating a significant amount of resources to drive growth through Efficiency, Earnings, Experience, Enhanced Compliance and ESG. These five components also make up our 5Es Framework. At Launchcode, we have helped clients drive their technology strategy, and built transformative solutions that have created new business models, automated processes, and more, all to achieve at least two of the 5Es above for them. For instance, companies that invest in innovation generate 13% greater shareholder returns than those that don’t. Interested in a conversation that simplifies Digital Transformation and/or Innovation for your organization? Let’s talk. #Launchcode #DigitalTransformation #InnovationJourney #Innovation

“Rapid, iterative, customer-centric innovation is possible in large companies — but not if you carry over your traditional ways of working. Innovative ventures need innovative governance.” #digitalinnovation #iterativeinnovation #customercentricinnovation

Tired of losing big deals? Get the immediately implementable actions to grow your business today at: buff.ly/3KsLk8W Unleashing the Power of Innovation: Exploring New Frontiers: In a rapidly evolving⁤ world where new ideas and technologies are constantly reshaping the way we work and live, innovation has become the key to staying ahead of the curve. In this article, we will delve into the exciting realm ⁣of unleashing the power ⁣of innovation and exploring new frontiers. Join us as we venture […]

Open Innovation 2.0 represents a paradigm shift in how we approach innovation, emphasizing collaboration, digital transformation, and a focus on prosperity and sustainability. ✨#Collaborative_Ecosystems: Open Innovation 2.0 thrives on collaboration across diverse stakeholders such as companies, startups, academia, and governments. By fostering open collaboration, it harnesses collective intelligence and resources for innovation. ✨#Digital_Transformation_at_its_Core: Central to Open Innovation 2.0 is the integration of digital technologies, enabling seamless communication, data sharing, and collaborative platforms. This digital ecosystem accelerates innovation cycles and drives efficiency. ✨#Agile_Iterations_and_Rapid_Feedback: Embracing agile methodologies and iterative processes, Open Innovation 2.0 encourages rapid experimentation and feedback loops. This iterative approach leads to continuous improvement and faster innovation cycles. ✨#Inclusivity_and_Diversity: Open Innovation 2.0 promotes inclusivity by involving diverse perspectives, expertise, and disciplines. Collaborations span across industries, geographies, and sectors, fostering innovation that addresses global challenges. ✨#Sustainable_Impact_and_Circular_Economy: Beyond creating new products, Open Innovation 2.0 emphasizes sustainable solutions and circular economy principles. Innovations focus on reducing waste, promoting reuse, and addressing environmental and social challenges. ✨#Regulatory_Compliance_and_Ethical_Practices: With a keen focus on responsible innovation, Open Innovation 2.0 addresses regulatory compliance, data privacy, and ethical considerations. It ensures that innovations benefit society while mitigating risks. ✨#Long_term_Partnerships_and_Resilience: Building long-term partnerships and resilient ecosystems is key to sustaining innovation efforts. Open Innovation 2.0 fosters trust, shared values, and alignment of goals among participants for lasting impact. #Collaboration #EcosystemInnovation #DigitalInnovation #TechAdvancement #AgileInnovation #FeedbackLoop #InclusiveInnovation #DiversePerspectives #CollaborativeCompetition #Decentralization #BlockchainInnovation #CommunityEngagement #CoCreation #DataAnalytics #AIInsights #InnovationSkills #LifelongLearning #ResponsibleInnovation #EthicalTech #PartnershipEconomy #ResilientInnovation

Procter & Gamble, IBM, and General Electric all have one thing in common... Here’s a hint - It’s not taking the siloed approach most enterprises take using traditional top-down structures. These 3 companies took a different approach. They combined both internal and external ideas. For example: 🖥️ IBMs digital brainstorming event gathers ideas from employees, customers, partners, and even their families! 🏢 P&G used its 'Connect + Develop' program to source half of its innovations externally, leading to the creation of popular products like the Swiffer Duster and Crest SpinBrush. What’s the one thing they all had in common? These companies all used open innovation to ignite their innovation engine. In fact, Harvard Business Review mentioned companies using open innovation are 6 times more likely to create disruptive ideas. Interested in learning how you can do the same? We just shared out 5-step framework to implement a successful open innovation strategy into your company. 🟢 You can check it out here: https://lnkd.in/g9GRPrMH

Every company claims to foster a culture of innovation, but the reality is that executing this vision can be challenging. The right innovation management software is critical for turning ideas into impactful realities. With a staggering 84% of CEOs emphasizing the importance of enterprise innovation, yet only 6% satisfied with their organization's performance, it’s clear that the need for effective tools has never been greater. This article highlights top choices for innovation management platforms, each designed to streamline processes and enhance collaboration. Whether you’re in a fast-paced startup or a well-established corporation, having the right software in your corner can transform your innovation strategy. Do you agree that investing in the right tools can significantly improve how companies innovate? Let’s hear your thoughts on this! 🚀💡 https://lnkd.in/gDjdDu4N

Check out our recent blog post outlining steps any organization can take to create a stronger culture for winning innovation. Enjoy the read! 🚀 [Link to the blog post:](https://lnkd.in/eRv9AktK)

🤝 Three lessons learned from crowdsourced innovation. Discover the power of tapping into the collective wisdom of your community and driving innovation from the ground up. #Crowdsourcing #InnovationLessons https://hubs.la/Q02wKcNw0