Simply put, an innovation platform is a tool for generating and building ideas. At High Alpha Innovation, we apply a proven framework to innovate through startup creation.
The world is rapidly changing and those that are going to survive are companies and businesses that have been set up to change with it. This is one of the reasons why an innovation platform is so important. There are numerous innovative digital platforms that are changing the way ideas are discussed in multiple industries, such as in the automotive industry with Groupe PSA, or in engineering with the Taiwan Semiconductor Manufacturing Company (TSMC). Open innovation PSA and the innovation platform TSMC are examples of a new frontier in idea development.
As a whole, an innovation platform is a platform to discuss ideas. Often, this is a space for both learning and change. There are usually groups of individuals or companies that have different backgrounds. Then, they come together to discuss various ideas and how this can be of benefit both to themselves as well as the organizations they represent. In essence, this is one of the ways that society is moving forward because ideas are used to collaborate with one another instead of competing against each other. Instead of innovation taking place in closed silos, an innovation platform is a way for people to bring ideas together. Instead of competing with one another, which happens already, an innovation platform promotes collaboration for the benefit of society as a whole.
For example, an innovation platform might be a place where farmers, traders, and food processors come together to figure out the process of getting food from the farm to the table. This has undergone some tremendous change during the past few years as technology has progressed rapidly. The ultimate result is a world that has led to an increased amount of food production. This is one of the biggest examples of innovation at work. In this manner, an innovation platform can tackle numerous challenges that exist at various levels. This includes in a village, a community, in a district, or even nationwide. This is one of the biggest reasons why an innovation platform is a critical part of the corporate world as well.
Corporate innovation plays a major role when it comes to innovation platforms. There are numerous startups today that are outperforming larger corporations largely because they are better able to apply new concepts and ideas. Corporations that are going to survive today need to find a way to embrace the idea of an innovation platform. They are here to stay. In order to appropriately apply the idea of innovation, it is important to be aware of some of the different types of innovation platforms that exist out there as well as their benefits and drawbacks. This will help individuals, organizations, and corporations find the innovation platform that is right for them.
Platform Innovation Examples and Strategy
There are a number of ways that innovation platforms have evolved during the past few years and this includes the growth of digital platforms. Much of the business world now takes place in the online world and this includes platform thinking, which is an important part of the platform strategy framework which is based on the digital platform strategy developed at MIT. Platform strategy MIT plays a key role in the platform business model and is arguably the most important platform strategy example.
First, the future of digital platforms is bright and has been driven by the digital platform development of numerous types of digital platform for business options. For example, one of the most important parts of the digital platform business model is the growth of a technical solution for prototyping. Prototypes play an important role in the innovation process. For example, a technical solution may provide a place for someone to make apps without requiring knowledge to code. With the growth of digital platform companies making their own apps, this is one of the biggest benefits of digital platform examples. Another digital platform business model may take advantage of agile web platforms as one of the main prototyping digital platform category examples. On an agile web platform, professional developers can deploy them to the cloud. Then, developers will have full flexibility along with choices to build functionality into the platform later. This is a great place for non-technical users to both change and build content using a straightforward layout option.
Therefore, based on the examples above, one of the biggest benefits of a digital platform for innovation is that people can build apps and web functionality without having to know how to code. While computer engineering is still an important part of the modern business world, breaking down these barriers has provided other people with the ability to create innovative content that can not only be used in the digital world but also applied to the corporate world. This type of specificity has even contributed to the development of niche industries with which people are familiar.
Of course, these digital platforms are only a few of the numerous examples of open innovation at work. There are a number of key points that everyone needs to know about open innovation and how this is being used to push the boundaries of technology. Without a doubt, this type of approach to innovation has allowed startups to compete effectively with some of the biggest corporate companies in the world.
Technology Based Open Innovation Platforms
One of the biggest changes in the way in which companies approach innovation has been the growth of a technology-based open innovation platform. In the past, companies used to innovate on their own. There was a belief that if they shared information with other companies, they might lose their advantage when it comes to competition. While this is true to some degree, open innovation is far more important and collaboration has led to some truly amazing results. The number of open innovation companies has grown by leaps and bounds and the list of companies that use open innovation 2018 include Coca-Cola open innovation, 3M innovation, and more. Since the 3M technology platforms led the way of open innovation examples 2018, this has grown by leaps and bounds.
Open innovation is closely tied to the development of open-source software, which was arguably the first example of innovation in technology. For example, one of the biggest open innovation examples is Linux, an operating software that competes with Microsoft and Apple, which are developed in the closed innovation fashion. There are many people who love using Linux because of the flexibility it provides them when it comes to creating an operating system that meets their needs. The biggest benefit of open-source software is that the software is continuously tested by programmers with 100 percent transparency.
Of course, there are plenty of other examples of open innovation as well. For example, there are now crowdsourcing product ideas in the manufacturing community. The goal in this area is to get a product idea out to the open world with much less effort. If people love the product idea, then they are willing to support it with funding to get the idea off the ground. This makes it much easier for people to learn about the process and furthers the growth of new products.
Another form of open innovation comes from Samsung. They are one of the most innovative big companies in the world. While they do have a major internal R&D area, they also have open innovation collaborations with startups. There are four categories to the open innovation world of Samsung including partnerships, ventures, accelerators, and acquisitions. It is nice to see that some of the world’s biggest companies are embracing the idea of open innovation.
Idea Management Platform
Finally, the world of open innovation has led to the growth of an idea management platform. This is an idea-sharing platform where people can come together and share their thought son the idea management process. This type of innovation software has led to the growth of major innovation ideas platform options such as Spigit Ideas and Bright Ideas Ideation. A critical part of the idea management process, reading various innovation management software reviews will give people a good idea of what to expect from an idea management platform.
As a whole, the goal of an idea management platform is to help companies come together, gather ideas from their employees, and evaluate each idea individually. Then, good ideas can be deployed to the market more quickly, allowing them to increase productivity. In essence, an idea management platform is a great way for corporations to embrace the idea of decentralizing the innovation process.
There are numerous ways that an idea management platform can be used. For example, a company can gather thoughts and ideas from its employees, analyze the various ideas and evaluate them on their merits, move the best ideas to a shorter list and discuss them with the company leadership staff, and track how the various ideas are moving through the pipeline.
The entire purpose of using an idea management platform is to get good ideas to rise to the surface more quickly. Companies that are going to survive today need to find ways to innovative more quickly, as this is going to allow them to compete with smaller companies and startups that are much more wieldy.
Furthermore, an idea management platform provides a much greater transparency of ideas. This enables employees to see everyone’s ideas more easily and comment on them. With greater transparency comes greater collaboration as well. This means that employees will get encouraged and work harder to help one another. All of this is good for the company, which is why an idea management platform is critical to the success of the innovative process in the modern world. The end result is that companies are going to gain a sustainable competitive advantage, allowing it to remain at the forefront of the industry.