Open Innovation - MIT ID Innovation

1
Open Innovation MITID Innovation
2
With a discovery or invention happening every
day, the chances of not landing on an already
used idea are pretty unlikely. People make as
many efforts as possible to build a product,
service, or solution that is distinctive.
Nonetheless, the task of innovation can be tough
to achieve, and companies have to turn towards
the employees of their entire company and
sometimes external sources too. The term used for
such a phenomenon is Open Innovation.
3
What is Open Innovation
Open Innovations can be defined as a business
practice where the organization sources ideas
from internal sources, i.e., employees, friendly
rival companies, partners, suppliers, and
external stakeholders. These innovative ideas are
acquired for many reasons like building a new
product, building a new service, resolving a
problem, etc.
4
A writer introduced the concept of open
innovation in the 2000s. He defined open
innovations as an inflow and outflow of knowledge
for internal innovation and external use of
innovation. The idea popularized over the years,
and all industries have adopted this practice.
According to a survey, 91 of marketers manage
organization-wide innovation as innovation is one
of the most vital marketing strategies. 
5

• Open Innovations can be categorized as per the
  type of human resource inclusion
• Intercompany (corporate accelerator)
• Intracompany
• Experts of the Industry
• Open to Public

6
Examples of Open Innovation
Many companies have used open innovations to gain
information for new products, market their
product, and leverage their product with customer
feedback. Here are some examples of open
innovation used by multinational companies across
the globe
7
Samsung
Samsung implemented open innovation through
intercompany programs. The Samsung Accelerator
Program brought entrepreneurs, innovators,
designers, and experts together. These
individuals were given office spaces and
resources to develop new and innovative
ideas. With this initiative, Samsung tried to
open several open innovations like mergers,
partnerships, venture capital funding.
8
NASA
NASA collaborated with Harvard Business School,
London Business School, and Top Coders to create
a mathematical algorithm for medical kits that
were to be taken in space. Around 2833 codes were
created with this initiative. Winners were
rewarded with money prizes and were allowed to
view the shuttle mission launches.
9
GE
GE has used open innovation in various
initiatives. GE Open Innovations is used to
address world problems. Open Innovation Manifesto
connects experts and entrepreneurs to discuss and
solve the required problem. Another open
innovations project of GE is First Build, where
both internal and external sources come together
to share ideas and create new home appliance
products. 
10
Philips
Philips developed an RD ecosystem back in 1998
on the theory of open innovation. The ecosystem
is now known as High Tech Campus Eindhoven. Over
200 entrepreneurs and product developers come
together to create new ventures these ventures
help solve world problems like climate change,
overpopulation, etc.
11
MIT ID Innovation-Gateway to New Perspectives
To understand open innovation and its process in
detail, become a part of innovation
courses offered by MIT ID Innovation. Our courses
on innovation management and design thinking will
instill a new skill and curiosity in you to think
out of the box. Become an asset with your
Innovation at MIT ID Innovation!
12
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.
13
Wed love to hear
from you.

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

• 91-7038982225 / 91 9834092369

• innovation_at_mitid.edu.in