Costs and Benefits of Open Innovation

By • on July 31, 2013

An editorial on the Crowdsourcing website notes that sourcing ideas from outside a company’s own R&D department taps a larger pool of contributors who work on the promise of potential partnership in the future, not a guaranteed salary. But all costs aren’t readily apparent at first. Aside from paying a fee to an intermediary and paying out for a winning idea, companies must spend on legal fees, manage the campaign, market it, and spend valuable time sorting through ideas. Given these costs, does open innovation still make sense? We spoke with industry experts to learn more about the costs and benefits of open innovation, and to find out how a company can maximize benefits while keeping costs down.

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