Open innovation is dramatically changing the business model for New Product Development (NPD). Today, industry experts estimate that less than 10% of all domestic Research & Development spend is either outsourced or externally developed by a third-party. But this is changing, quickly and radically.
Historically, most innovations and new products were internally discovered and developed. Today, organizations are looking beyond the four walls of their company for diverse, open sources of innovation that may include customers, partners, suppliers, universities, venture capitalists and other resources.
In addition, many leading manufacturers are setting aggressive goals for open innovation. Some of our clients are setting long-term goals to source as much as 50% of new product ideas from outside the company in the next few years. To meet these objectives, we work with companies of all sizes and industries to adopt open innovation models that include technology sourcing, licensing, venture financing and other novel approaches that can enable new efficiencies in bringing products to market.
As appropriate, we connect clients with each other, and establish connections with external third-party sources of innovation that can provide feedback and insight into our clients' products and services. We believe that a problem shared is a problem solved. Smart, creative, and innovative people outside of your organization can help you on your way.