Using Open Innovation to Deliver High-End Healthcare Disruption
Friday, January 24, 2014
The lifeblood of any successful company stems from a sustained stream of commercially viable innovations, both incremental and breakthrough.
As any seasoned executive will tell you, maintaining that steady stream is one of the most difficult management challenges he or she faces. Successful new products quickly attract competitors; star employees get wooed away or burn out; product extensions fail to generate as much excitement as the initial product; and fickle, price-sensitive customers continually scan the market for the next game-changing innovation or less expensive knock-off.
In some industries—namely retail and consumer products—companies have long recognized the power of partnering with other brands as a means to develop new and unique products, generate renewed excitement, and reach new customers. These partnerships often make the brands involved seem more distinctive, more interesting, and more newsworthy—and, most importantly, infuse a new line of interesting products into the marketplace that cannot be replicated elsewhere.