Managing the Uncertainty

One of the hottest topics in business management today is open to innovation. The concept of using an open business model of "co-innovate" with their partners, suppliers and customers - in order to speed up the award for innovation. For example, small or medium sized company develops a game-changing ideas and works with major companies to market the product.

Through the cooperation relationship of open innovation (OI), companies are able to leverage new ideas and products, and conduct experiments on the lower level of risk. However, the Olympics would not be a concern, such as who owns the rights to intellectual property (IP). Olympics should be conducted in a manner that promotes mutual trust and respect. It can be a double-edged sword, when the larger company insists on owning the IP in exchange for their investment. OI relationship can be a tricky one to navigate.

Large corporations such as Nestle, Kraft, Motorola, General Mills and Clorox are all involved in open innovation practices. Here is a case study of open innovation processes in Proctor & Gamble, one of the most respected consumer products companies in the world. P & G introduced its Connect + Develop program on their website at pgconnectdevelop.com. The site is a place where the public can submit their innovations, read about successful business partnerships, and even throw out the current IP needs of the company.

"Historically, P & G relied on internal capabilities ... We did not actively seek to connect with potential partners. Times have changed, and the world is more connected. In areas in which we operate, there are millions of scientists, engineers and other companies to globally. Why not collaborate with them? We now accept open innovation ... ", according to a P & G website.In more than two years, the program has received 7500 submissions. P & G has established more than 1,000 active contracts with innovative partners, and claims that more than 50 percent of its product initiatives included collaboration with outside innovators.

In the Connect + Develop program, innovators must have an IP on the site before you submit your idea. It protects the innovator of IP while adding value to the organization - the key is to build relationships and create a win-win deals. Working together to develop effective ways to manage IP rights, the Olympics can further enhance the innovative culture and produce good results for all parties involved.

Here are some tips for fostering open innovation in your business.

It takes the power, courage, and tenacity to create a balanced relationship between open innovation. In a balanced relationship, IP or technology inventors or small companies should remain theirs.
Develop both reactive and proactive ways to address open innovation. On the reactive side, we invite the world's best innovators are looking for open opportunities for the development of IP innovation needs.
Proactive, you tap into local universities, companies and venture capital firms to meet the inventors, set nets, and the connections that are not visible to most people.