The Power of Open Minds
Capgemini Research Institute's recent study, "The Power of Open Minds: How Open Innovation Offers Benefits for All," evaluates the concept of open innovation and examines its relevance to businesses. Open innovation refers to the practice of collaborating with external companies to co-create new value and has become essential to business success. As companies face a variety of he- challenges, particularly the issue of sustainability, they need to harness the potential of Open Innovation to reduce organizational response times and capitalize on future opportunities. Companies are adopting a variety of approaches to Open Innovation, including corporate accelerators and incubators, corporate venture capital, venture clienting, venture building, crowdsourcing, and Open Innovation Labs. New York, London and Paris were highlighted as the cities where the most investment in Open Innovation Labs is planned over the next two years.
Open innovation offers a wide range of benefits, with 55 percent of companies finding it has increased the speed of innovation, and 62 percent finding it has increased employee agility and adaptability. Over 60 percent have also realized financial benefits such as increased revenue and operational efficiency. Open innovation also helps companies achieve their sustainability goals. Sixty-three percent reported that environmental sustainability indicators have improved as a result of open innovation initiatives.
