“Many companies spend on open innovation without clear objectives beyond acquiring new technical capabilities. Utilized correctly, open innovation can further your company’s competitive advantage and improve R&D efficiency and performance. Use open innovation activities to move beyond traditional industry boundaries into non-core areas. Carefully consider existing business assets and what must be acquired to move into unfamiliar areas and build new competencies”. –CEB Views
Exploring this concept further, our sustainability consulting practice refers to a recent Innovation Excellence post, Core Competence Management in the Era of Open Innovation. Herein, the author explains the shift from a “straight forward” to an “outside-in” approach to creative business sustainability. The main difference between the two philosophies is the source and control of new ideas. While one seeks to protect and control the creative process as proprietary, the other allows for a collaborative effort for new development.
Our sustainability consulting supports the belief that an open innovation approach to business sustainability offers stakeholders the opportunity to become engaged in the future of a business. By recognizing that key stakeholders have a vested interest the success of the company, sustainable leadership can create openness to new ideas that promote business success and innovative ideas.
- Promote innovation as a competency: Innovative companies treat it as just another core skill.
- Promote innovation as a competitive weapon: Innovative companies use innovation to differentiate themselves.
- Promote innovation as a process: Innovative companies don’t treat innovation as special, unique activity. They see it instead as an ongoing “stream of effort” along with quality, leadership, productivity, and other imperatives.
- Promote innovation as both systematic and opportunistic: The most innovative companies flex between different styles of creating opportunity.
The business world too often approaches technological advancement and sustainable innovation from the same old structured implementation processes. In contrast, our sustainability consulting finds that those who excel are those who step outside the traditional business structures to add and spontaneity to their long-term sustainability strategies. At Taiga Company, we maintain an open culture as part of our core values, and our sustainability consulting encourages clients to include active engagement as part of an overarching business sustainability plan.