Improve Competitive Edge with Open Innovation Platforms for Your Business

May 31, 2018 Simon Hopes | Comments Off

Today, entrepreneurs need to operate their businesses in a manner very few people in the world of commerce and industry could not imagine possible a few decades back. In order to make their mark, these proprietors need to think outside the box to do things differently according the conditions of the market where they carry on their activities. You are not an exception to this rule That is what many young owners of startup companies are doing to reach out to their target audience with the products or services they are willing to sell to the public. You just need to look at the progress start-up organizations like Google, Apple and Microsoft has made within a short period to get the inspiration you need.

Why should your organization use suitable open innovation platforms?

Industry experts say the owners of companies like Google, Apple, Facebook and Microsoft acknowledge the important role of open innovation in the success of their organizations in the marketplace. For people who are not too familiar with this term, it refers to a business model where entrepreneurs not only look within their own establishments for ideas to create groundbreaking products. They are also open to such suggestions from people who constitute their target audience and even go to the extent of rewarding them for their efforts. Such a strategy helps them to come up with products that individuals in their community value, expand their market reach and see a significant increase in their bottom-line revenues.

These professionals go on to point out the following 3 most important benefits entrepreneurs can enjoy when they make use of suitable open innovation platforms:

  1. Leads to the creation of groundbreaking products or services

Many entrepreneurs cannot express in words their feelings on being successful in introducing a product which people in the market want to buy. However, they soon become complacent on selling this product that they do not see a need to come up with something new. As a result, they begin to notice their profit margin become stagnant. Making use of effective open innovation platforms prevents them from falling into such traps.

  1. Helps entrepreneurs to engage with people in their target audience

Open innovation helps entrepreneurs to interact with members of their target audience in an effective manner. They come to know what people within a certain community want and create such products to satisfy their needs. In many cases, the such individuals are willing to offer their suggestions on how to improve the quality of such goods. This goes a long way in building a stable customer base.

  1. Employee engagement

Entrepreneurs acknowledge that people they employ often come up with bright ideas on how to improve the quality of the products they are selling to the public. However, they are often reluctant to come forward with their suggestions for obvious reasons. Open innovation gives them a platform where they can share their suggestions with the top management and their coworkers.

The above 3 benefits prove beyond any doubt that making use of relevant open innovation platforms is a necessity for entrepreneurs who want to make their mark in the marketplace. It can help them gain the competitive edge over other organizations in this environment. They can also witness a significant increase in their bottom-line revenues.