Our main conclusions from the World Open Innovation Conference 2023 are:
Open innovation is inevitable
Most of the innovative companies have reached peak internal innovation decades ago, and have, as a consequence, adopted open innovation. It is clear that internal innovation is only a step towards open innovation. Innovation leaders from aerospace, pharma, biotech, energy companies present at the conference confirm this.
Open innovation saves lives
Open innovation continues where internal innovation stops. In healthcare, medicine, biotech, pharma, safety the change from internal to open innovation literally saves lives. There were projects with metrics that show how open innovation decreased mortality and increased saving lives.
Open innovation is bottom-up
Big companies compete to innovate with medium companies and startups. Medium companies compete to innovate with small companies and startups. Everyone competes to innovate with their suppliers, partners, experts, and – most importantly – end-users. Open innovation moves idea and value creation towards the top.
End-users are always included
From jet engine design to country management, end-user participation is an obligatory parameter. End-user feedback is collected indirectly or directly. Indirectly is through intermediary companies like SMBs, startups, partners, distributors. Direct is through platforms like our openinnovation.me.
Open innovation is humane and humble
The humane essence of open innovation always attracted us. It is a new dynamic in how companies think. Before, businesses were focused only on sales and profit. Open innovation teaches companies to do more – to cooperate, not to be selfish but to share. This was felt strongly in the conference.
Henry Chesbrough leadership
It was important that we meet Dr. Henry Chesbrough – the founder of open innovation. He sets the tone for the global direction of open innovation which is then propagated through research, books, conferences to platforms, consultants, companies. We wanted to understand his style of leadership, in person.
We were very much impressed by Dr. Chesbrough’s ability to combine high level innovation, tech, and business with a very humane and compassionate approach. He repeatedly emphasized that open innovation is a humbling activity which requires openness on all levels.
We are thankful to Dr. Chesbrough for his leadership, for setting the right tone, and we are confident open innovation will only grow in importance and its positive impact.
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