Organizations are Fearlessly Reaching Outside their Networks to Develop Groundbreaking Products
Newly released data from a recent national survey shows companies are fearlessly leveraging Open Innovation (OI) to develop groundbreaking products, accelerate business results and lead their industries.
This means organizations are achieving innovation goals by drawing from resources and solutions outside their own walls, while reducing risks through proven OI methodologies.
The survey was conducted online in September and October by Harris Poll on behalf of global innovation leader NineSigma, and tapped over 300 executives at organizations with $1 billion or more in revenues. Findings underscore the power of open innovation and its rising adoption:
Eighty percent of corporate executives expect their company to increase its budget for innovation programs in 2015.
Seventy-nine percent say their company effectively leverages innovations from other industries.
Seventy-one percent expect their company's investment in projects with outside innovation firms to rise in 2015.
Sixty-eight percent of corporate executives say their company is using prize-based competitions to innovate their products and services.
Eighty-seven percent of corporate executives say their company has the resources and capabilities to leverage innovations from external partners.
Andy Zynga, CEO of NineSigma said, "These results show open innovation has taken flight. Fearless innovation is now mission-critical. Companies are strategically putting their challenges on the table for the world to solve, and shifting to a more open culture. Those successful with this strategy know the process requires training and long-term vision and is well worth it in terms of ongoing ROI."
"Mondelez is a $35 billion snack food business created to capitalize on potential for growth with iconic brands like Oreo, Trident, Cadbury and Milka. We will continue to invest in open innovation to sustain our momentum in these and other areas. Being open about our needs helps us speed our innovation process, and demonstrates our commitment to better meeting our customers' needs. We consider innovation a key strategy for maintaining a competitive advantage," said Todd Abraham, Ph.D., Senior Vice President, Research and Nutrition, Mondelēz International.
www.ninesigma.com
