Using Open Innovation to grow revenues

How do you ensure good, forward thinking and safe innovation takes place in your organisation that grows your revenue? How do you also ensure that you will not have your market share eroded or your competitors’ costs significantly reduced by new disruptive technology that is now happening in nearly every sector?

Answer:- by embracing “Open Innovation”. The Tech revolution is here to stay and growing, which means change is becoming ever more rapid, and organisations either embrace it or get left behind.

 There are many examples of failed corporations because they didn’t see the pace of change affecting them. But now the pace of change is accelerating to the extent that it will affect every organisation small or large.

3 important quotes from Jack Welch – CEO GE 1981-2001:

• If the rate of change on the outside is greater than the rate of change on the inside, the end is near.
• Control your own destiny or someone else will
• Face reality as it is not as it was or as you’d like it to be

Open Innovation is the key to organisations becoming more successful – revenue growth and cost reduction. Embracing young startup companies' innovation and agility is a better way than hoping you'll find the bright idea or hoping that the tech revolution won’t affect you. 

The key is finding the right ones to back!