Open Innovation: What It Can Mean For Your Company

By • on July 10, 2020

The Namabia Economist website posted an article which noted that a practical example of Open Innovation (OI) is from NASA, which adopted OI to build a mathematical algorithm that can determine the optimal content of medical kits for NASA’s future manned missions. In order to reach an innovative software that can solve this problem, NASA collaborated with TopCoder, Harvard Business School, and London Business School. In this collaboration, TopCoder members provided 2,833 code submissions to help NASA build the intended algorithm. The winners were offered $24,000 in cash prizes plus having seats to watch remaining shuttle mission launches. The application of open innovation created a cost-effective and time-effective solution that could not be reached using the internal team alone.

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