Using Social Media for Open Innovation

A post on the Accenture website noted that innovation is as hot as ever and could be the key to bucking the current economic downturn. In fact, experts agree that innovation is the most important single factor in turning the crisis into an opportunity. More and more companies are embracing the idea of open innovation. After all, given the current focus on cost-cutting and efficiency – in conjunction with shrinking R&D budgets –  open innovation is the perfect way to reduce costs while growing your business. This article looks at how companies are tapping into social media for open innovation, based on a year-long study  looking at previous entrants for the Accenture Innovation Awards to see how they used open innovation to get closer to their customers and develop the products and services their customers want and need, creating value for their companies and customers alike.

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Image via Flickr.