Open Innovation Expands New Product Opportunities

A company's commitment to innovation, and how it approaches it, can dramatically alter the opportunities that exist for successful product innovation. It's time to put your closed-innovation mentality in the rear-view mirror and embrace open innovation. With open innovation, new ideas or methods are no longer sourced from a defined internal team; instead, these new ideas are requested from three broad participant groups: employees, partners, and customers. Product strategists who embrace open innovation trade control over the innovation process for a dramatic increase in the opportunities for product innovation. Our implementation guidelines will help product strategists build a culture of open innovation throughout the organization. This report is an update to the "Open Your Mind To Open Innovation" Forrester report, originally published in November 2011. This report outlines Forrester's vision of how product strategists can leverage open innovation within their organizations.