Ken Klimpel, Colgate Palmolive's Worldwide Director of External Innovation and Outreach shares his perspective on some aspects of the approach he and his company take to drive their open innovation successes.
Most companies don't think through the trade-off between utilizing an external innovation as is versus customizing it nearly enough. As a result, they tend to suffer in time to market.
Common sense says that if one wants to improve the innovation output, one needs to either (a) increase the size of the opportunity set that goes in the so called 'Innovation Funnel' ; (b) Speed up the throughput of the 'Innovation Funnel' and/or (c) improve the variety of the opportunity set passing through the 'Innovation Funnel'.
The role of innovation in industry has changed. What used to be a closed and often secretive exclusive business of the R&D department is now being transformed to an open and collaborative eco system in many companies. InnovationManagement.se spoke to GBS Bindra, Global Innovation Director at Logica about the role of innovation.