The Rise and Rise of Open Innovation and Crowdsourcing

By • on August 5, 2022

The Good Men Project reported that there is a powerful surge towards open innovation and crowdsourcing. The next step beyond collaboration is open innovation; a concept developed by Henry Chesbrough to describe the process of harnessing external resources to work alongside your team to develop new products and services. This is something that many leading companies, including Proctor and Gamble, IBM, Unilever, Reckitt Benckiser, BMW, Nokia and Kimberly-Clark have focused on as a way of driving innovation. Open innovation replaces the vertical integration of processes within one company with a network of collaborators working on innovation projects. Using outsiders can speed up processes, reduce costs, introduce more innovative ideas and reduce time to market.

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