Open Innovation Strategy - MIT ID Innovation

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Introduction To Open Innovation Strategy MITID
Innovation
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The global market sphere is constantly changing,
and it has become increasingly challenging to
keep up with the new trends. Many businesses
resort to unique and innovative strategies to
help them get the upper hand amidst the
competitive digital world.
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The highlighting new trend that has engulfed the
market space is an open innovation strategy.
According to the open innovation model,
businesses become open to internal and external
ideas that drive their growth and productivity.
This new age innovative model is growing its
famous roots all over the global sector.
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What is An Open Innovation Strategy
Open Innovation refers to the innovative strategy
employed by organizations where they seek help
from external agents. Rather than solely relying
on the company's internal team, the advent of
open Innovation opens doors to experts in the
outside circle like consultants, research
institutes, suppliers, customers, or start-ups.
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According to a survey, 61 of companies focus on
open innovation strategies to generate new
business development ideas. This unique and
improved approach to Innovation lets the company
keep up with the changing trends and make
informed decisions while designing a product or
service. In order to understand in detail the
dimensions of open innovation strategy, there are
several courses in Innovation that address its
benefits and future aspects.
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Types of Open Innovation Strategy
To implement the right open innovation strategy,
it is essential to know about the different open
innovation types. Companies can use different
methods that align with their goals for the best
results. Here are the types of open Innovation
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• Intracompany - The innovation initiated within
  the organization among different departments.
• Intercompany - The innovation happens between two
  or more companies.
• Experts - The innovation ideas borrowed from
  experienced professionals outside the office.
• Public - Innovation strategies are derived from
  the crowd.

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Benefits of Open Innovation Strategy
The inclusion of open innovation strategies in
the company's core has various direct benefits.
Here are the significant benefits of the open
innovation model Increased cost-efficiency Includ
ing an open innovation plan for companies can
lead to profitable outcomes. A healthy and
effective partnership brings out the best of
employees and thus improves cost-efficiency.
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Fast-paced development Since more people are
involved in the process, the decisions can be
taken in a fast-paced manner and guaranteed
results. New revenue sources More funding options
get broadened, and new sources of revenue open up
when implementing the open innovation strategy.
This increases the chance of establishing
mutually lucrative partnerships.
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Latest technology and expertise Contrary to the
traditional closed innovation, open innovation
calls for the aid of experienced professionals
who are well versed in the latest technological
advancements in different domains. Low
risks Since there are a lot of expert minds
involved in the implementation of a project
through open innovation, the risk of development
becomes reduced.
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User-focused brand strategy The companies can
make use of customer-generated content and
feedback to shape their actions and build a
strong brand identity. Explore new talents By
focusing on open innovation channels, you will be
able to explore new and undiscovered talents with
great potential for your business.
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MIT ID Innovation
The hour needs to immerse yourself in new and
improved innovation strategies that deliver
effective results. MIT ID Innovation is the right
place to start your Innovation and Design
Thinking journey. Industry experts carry out
various courses in Innovation at MIT ID
Innovation that provide an immersive experience
to learners.
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You can gain knowledge of futuristic technologies
and open innovation strategies for a better
future. Get your skills upgraded and carve a
bright future ahead with quality innovation
courses from MIT ID Innovation.
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Conclusion
MIT ID Innovation Programme curates knowledge and
experiences that challenge the very paradigm of
evolution. And that's why we have set out to
define the future of industries, communities,
cities and ecosystems. MIT ID Innovation offers
the best Innovation Courses in Pune.
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Wed love to hear
from you.

• MIT INSTITUTE OF DESIGNRajbaug,, Loni-Kalbhor,
  Pune-412201

• 91-7038982225 / 91 9834092369

• innovation_at_mitid.edu.in