[Video Mondays] The Power of Open Innovation

July 26, 2010

Today’s digital media allow customers and partners of all kinds to partner with companies, and with each other, in incredibly dynamic ways.  These network collaborations may follow a number of different approaches.

One approach that has garnered a lot of attention is contribution systems, such as Wikipedia or Linux, where a great many participants each contribute a small piece to a large project (Wikipedia’s encyclopedia, or Linux’s operating system). But there are other successful models of network collaboration as well.

One of these is the open competition, wherein a network of participants is invited to each attempt their own solution to a defined challenge, with one or more “winners” selected for reward (money, fame, peer recognition, or combinations thereof).

InnoCentive has been a leader in this kind of collaboration. They have developed a global network of 175,000 of “solvers”—independent academics, graduate students, and experts in a variety of fields who are based in 175 countries and linked by the Internet. More than a hundred organizations, among them Procter & Gamble, Eli Lilly, and the Rockefeller Foundation (called “seekers”), turn to InnoCentive’s network to tackle the toughest problems that have stymied their own research and development departments.

I was delighted to have InnoCentive’s CEO Dwayne Spradlin speak at this year’s BRITE ’10 conference on “The Power of Open Innovation.”

Below is a video of his talk in full. Enjoy!

BY DAVID ROGERS

If video does not appear, click here to watch it on BRITEconference.com

This post originally posted by David on the DavidRogers.biz blog at: http://www.davidrogers.biz

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