Innovation Community: Definition and Benefits

Great Idea by a TeamCreativity builds success.

If your organization is like most others, many creative ideas are going to come from your employees. An Innovation Community enables this. Wondering what exactly is an “innovation community?”

Here’s a definition:
An innovation community is a community within the workplace where ideas can be freely exchanged. It creates a productive discussion between management and employees.

As this Wall Street Journal article notes, an innovation community can give new shape and purpose to the knowledge your employees already have.

However, many companies aren’t [Read more…]

Open Innovation – Definition and Benefits

Open InnovationAs you know, it is important to establish a workplace where creativity and innovation thrive.

“Open innovation” – a trendy term nowadays – can help you do this. But what exactly does “Open innovation” mean?

Henry Chesbrough, the author credited with coining the term, defines open innovation as:

“…the use of purposive inflows and outflows of knowledge to accelerate internal innovation, and expand the markets for external use of innovation, respectively.”

Whew, that was a mouthful! Here’s a (I hope!) simpler version:
Open innovation is about building a system where ideas flow openly from your customers, employees, and other stakeholders such as partners & suppliers. This system allows you to [Read more…]