To meet the increasing pace of innovation, more and more technology companies have been breaking down the walls of their R&D departments to actively collaborate with outside academic, private, and governmental research facilities. An Open Innovation strategy takes advantage of external resources to close capacity, competency, or capability gaps when they can be filled at a lower cost, faster pace, and lower risk than closed innovation.
Open Innovation has proven to mitigate resourcing risk and increase speed-to-market. Open Innovation also fosters more efficient and successful commercialization of IP, and often works in tandem with successful tech transfer strategy.
NurturEnergy team members have been managing Open Innovation projects for fifteen years. Our collective experience includes managing eight-figure annual budgets involving the redesign of entire product lines as well as others as small as fifty-thousand dollars for detailed modeling and vibration testing on a single prototype. We have learned by experience which Open Innovation engagement and management strategies are successful.
