Open Innovation in Health Care

 

This model "opens" the organizational boundaries to create a two-way flow of ideas, expertise, technology, and resources between internal & external partners. Practitioners use a portfolio of JV's, spin-outs, and IP licensing to lower their costs & capitalize on more opportunities.

 
 

LOOKS LIKE: Individual organizations working alone to conceive, develop, and commercialize before competitors. Think Skunkworks.

KEYS TO SUCCESS:

  • Find & protect the best source of ideas
  • Run custom process each time
  • Limited external networking to protect internal ideas
  • Make a few large bets & hope most of them are winners

IDEAL MARKET CONDITIONS:

  • Established regulatory framework
  • Mature competitive landscape
  • Ability to forecast future market conditions

LOOKS LIKE: Informal networks of complementary organizations who collaborate when interests align. Think International Space Station.

KEYS TO SUCCESS:

  • Move into flow of opportunities & share location
  • Use standardized process 
  • Robust external networking to discovery external ideas
  • Build portfolio of small bets, double down on winners

IDEAL MARKET CONDITIONS:

  • Uncertain regulatory framework
  • Evolving competitive landscape
  • Low/no ability to forecast future market conditions
 

Benefits of Open Innovation

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Grow Your Company's Top Line

Open innovation leads to faster time-to-market for new products/services which increases revenue and protects your market share.

Using this model you can leapfrog competitors and enter new markets without spending years in development

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Reduce Your
Costs & Risks

By utilizing cluster models you can reduce your direct spending on innovation projects, thus improving investment ROI.

A lower innovation risk is created by working with complementary organizations whose goals are aligned with your own. We focus on quality & substantial partnerships.

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Improve Your
Agility & “Hit Rate”

This model increases your agility, enabling you to respond to ever-changing needs and opportunities.

With a simple, disciplined process, you can tap into more opportunities and propose your own collaborations to willing partners, improving your "hit rate."