How to create valuable open innovation ecosystems

From building consumers’ loyalty through to establishing new partnerships, improving products and identifying more business opportunities – open innovation can bring companies remarkable benefits. New ideas may change processes, sectors and entire industries.

More than ever, they have tremendous power in our knowledge economy. But, how can you make sure to attract the right audience for your challenges? And, how can you capture related, valuable insights?

First, remember that the audience has to share and recognise your goals. You also need to target the spaces where these communities grow and meet.

If you do it right, you can gain access to more contributors, gathering more quality, actionable content. You gain brand visibility and find your own serendipitous moments.

Second, you have to equip yourself with suitable tools and methods, such as innovation management platforms and field-tested best practices. These allow you not only to harness meaningful ideas proficiently but also to select top ones efficiently. Remember that gathering many ideas is important, but it’s just as important to evaluate them appropriately.

For this reason, we believe both external and internal communities need to be involved in your open innovation efforts. Mixed sourcing inside and outside your organisation makes the best blend to generate ideas with more potential.

Finally, ideas must turn into projects and possibilities into opportunities. Without results, without significance, your open innovation effort is useless.

Remember that the true value of open innovation lies in engaging and structuring these collaboration ecosystems, in which all can benefit from the synergies generated. With new dialogues and shared purposes, you learn how to serve your clients better and enhance your offer, thereby winning your audience’s loyalty.

Pedro da Cunha, Exago’s co-founder/

Open innovation and the fight for your audience

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