Open Innovation is a relatively new concept, so it is likely that some doubts have arisen when it comes to knowing exactly how it differs from Closed or Traditional Innovation.

So why not start from the beginning?

As we know, in general terms, innovation is used in companies to generate and apply knowledge in a way that helps them with the emergence of new products, services, business models and more efficient operations.

At the beginning, Closed or Traditional Innovation was used, but with the passage of time and thanks to the emergence of the Internet, what we know as Open Innovation has appeared. 

Now, we will explain the differences between each of them.

Open Innovation

Open Innovation serves to encourage companies to use the knowledge that exists beyond their borders and to resort to the use of external resources.

It is a way to promote relations between companies and other organizations such as universities, technology centers and all those resources that can provide more knowledge.

It is the great opportunity offered by the Internet to be able to connect quickly and easily from anywhere in the world, so why not take advantage of it?

In other words, it is a way of increasing the capabilities of companies and of those who use it as a strategy.

Benefits Open Innovation:

• Less economic investment.
• New talent is recruited both inside and outside the company.
• It is not about offering the best ideas but about making the most of both internal and external ideas.
• Even if you do not benefit from it directly, you can create a competitive advantage and generate profits for others by using your intellectual property. Therefore, the company acquires the intellectual property of third parties.
• It can be focused on a specific market as well as on new markets.
• Rapid results are achieved without over-stressing employees or partners
• Employees can continue with their usual role

Innovation Closed

We know that the Closed or Traditional Innovation is the one that was used in a company to innovate with its own resources.

In other words, we only count on the talent that exists within the organization.

Disadvantages Closed innovation

• Greater economic investment.
• You can only count on the talent that exists within the company.
• You have to offer the best ideas to lead the competition.
• The idea is known only to the company on a confidential basis.
• Focuses only on one target market
• Focuses only on one target market

Summary

On we know the importance of the Open Innovation and the benefits it has for companies.

That is why we want to help them by offering them our platform as a virtual tool with which to offer unique and challenging experiences that allow people to explore both new ideas and their implementation.

What do you think?

Want to know more?

Contact us here: hello@bechallenge.io