Open Innovation

Open Innovation Framework

Open Innovation is a great opportunity for large corporates and SMEs to seek for the most efficient external solutions or nurture innovative culture within the companies. The solutions from Open Innovation framework can improve the current disadvantages of the current R&D department: HIGH costs and LONG timing to market.

80% is the success rate of innovation using Open Innovation framework (compared to 20 – 30% of traditional innovation through R&D department)

Key advantages of Open Innovation Framework

Create higher speed of innovation
Nurture innovative corporate culture
Foster sustainable development

Start building Open Innovation with InnoLab Asia

01. Outside in innovation – Innovation that comes from collaboration with external solution providers

Partnerships
Corporate Acceleration program
Corporate venture capital
External Hackathon

02. Inside out innovation – Innovation that is integrated into the corporate culture

Corporate Innovation advisory
Employees Reskilling Program
Intrapreneur Programs
Internal startups projects

Why Corporates & SMEs Need Open Innovation?

“The fundamental basis of above average performance in the long run is sustainable competitive advantage.” – Warren Buffett

values

Open Innovation create values for the adopters by create sustainable and proactive competitive advantage of the company in the market

variability

Open Innovation is a co-creation of new ventures and new insights which encourages the creativity and diversity of the products. Meanwhile, it still nurtures the established products.

volume

Open Innovation is the intersection for different solution seekers and solution providers. Hence, it increases the opportunities for corporates/SMEs, finding right ideas in right places.

We Are Beyond

01. People – A competent team with strong leadership.
With the vision that each of the employees is innovators themselves, Open Innovation creates internal teams who are quick in finding and harnessing underappreciated trends to address unarticulated needs. Hence, it firms the credibility within the corporate by higher level of management can trust the employees.

Open Innovation also nurtures leadership, in which:

Leadership can happen everywhere, from every position (SCALE)
Leadership happens with a clear focus and guidance for employees (CLEAR FOCUS)
Leadership happens in a right balance 70-20-10. 70% of the innovation investment in core, 20% into adjacent and 10% into transformational initiatives (BALANCE).
Leadership happens together with a right structure that allows innovation and sustainability to be integrated in the corporates/SMEs, supporting the decision-making process (RIGHT STRUCTURES).

02. Process – An innovation-facilitating process
An innovation-facilitating process places emphasis on the importance of Innovation and supports the process of generating new ideas. It is tolerant for productive failures, however, intolerant for unproductive failures. In a nutshell, an innovative-facilitating process is about collaboration, but with individual accountability. Last but not least, it provides psychological safety for employees dare to speak up, but also open-minded to constructive feedback.

03. Technology – Knowledge and data-driven technology
Technology is an useful tool for corporates/SMEs to go towards in a rapid manner. Open Innovation will help connect technology with People and Process. For people, technology gives people ownership and a sense of autonomy as well as a clear direction towards uncertainty. For process, data-driven technology assists the adopters in decision-making process and being more confident and guided to make decisions in the current disruptive world.

What Hinders Corporates And SMEs To Adopt Open Innovation?

Attractive as it may to implement innovation culture into the company. However, why not many enterprises adopt one? What are the biggest challenges that companies who want to adopt Open Innovation may have to face? Let’s find out with Innolab Asia 7 most common challenges confronted by early adopters of all business sizes adopting Open Innovation

01. Knowledge barrier – The fear of losing the secret of know-how by sharing it or to imitation by competitors is the biggest fear for knowledge-intensive and MSMEs. This prevents them from nurturing innovative culture and letting external solution providers to come and support them.

02. Collaboration barrier – The fear of partners’ opportunistic behavior and the difficulties in finding the right partner both in knowledge and cultural terms constrain the company’s Open innovation. Since Open innovation is the collaboration between both internal and external solution providers.

03. Financial – strategic barrier – Micro small, small and medium enterprises (MSEs) usually have unclear goals or focusing on the wrong segment, which ultimately leads to diminishing returns. Hence, they tend to be afraid of overcost of adopting Open Innovation.

04. Organizational barrier – The capacity of the company might hinder the adoption of Open Innovation. It can be the lack of managerial skills needed to establish an effective collaboration with external players or the resistance to change of the organization.

05. Operation & structure barrier – Ineffective process, and communication channels or Highly hierarchical process will be a setback for corporates/SMEs to adopt Open Innovation.

06. Technological barrier – Technological barrier comes from the people, data, and technology perspective. People’s reluctance in new technology, lack of instructions, underqualified employees / Lost in tremendous amount of data degrades critical thinking and incumbent technologies creates barriers to the adoption of new technologies can be some common technological barrier faced by corporates & SMEs.

07. Cultural barrier – Last but not least, negative attitudes towards Open Innovation as well as a lack of commitment is the foremost and most critical barrier to any corporates/SMEs.

Open Innovation Process

01. INQUIRE

Define the enterprises’ aims, expected outcomes, commitment and way of doing

Sign business contract.

03. CO-DESIGN

Generate alternatives, collaborate

Co-design the program to solve the problem.

02. EXPLORE & DEFINE

Review current processes, initiatives, defined problems, desires and pain points.

Re-define problem and review expectations.

04. IMPLEMENT & FOLLOW-UP

Implement, measure and iterate

How Innolab Asia Helps Your Business Innovate

Core Benefits Of Open Innovation Approach

01. Focused – We focus on your core challenge. Consulting with you, together we find the most important challenge and co-design solutions based on that challenge.

02. Tailored – We propose solutions that are tailored to your needs, business strategy, aims, visions, missions and current capacity. The solution can be applied without too much change to adapt.

03. Comprehensive – We will accompany with you in the initial stage to implement the solutions to make sure that the solution is applied correctly and brings the right expected outcome from the beginning.