Experiential Open Innovation and Co-creation Report Analysis

This report provides a comprehensive overview of open innovation, co-innovation, and online open innovation platforms. It delves into the strengths and weaknesses of these platforms, highlighting their impact on organizations. The report examines the vast amount of knowledge available, time and money savings, customer relationships, and employer brand image enhancements. It also addresses weaknesses such as internal conflicts, lack of confidentiality, misleading popularity, and the danger of manipulation. Furthermore, it documents participation and engagement in such platforms, discussing implications for businesses, including impact and value for organizations, cultural changes, and the consideration of time and resources required. The report concludes by summarizing the benefits and drawbacks of open innovation and its effects on various aspects of a company.

Experiential Open
Innovation and Co-
creation

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK ..............................................................................................................................................1
Online open innovation platform, their strengths & weaknesses and their implications for
organization..................................................................................................................................1
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
Open innovation is a part of innovation which refers to the concept of use of various
knowledge shared by so many organization for the purpose of doing innovation in the
organization. Hence, it is considered to be an important part of the organizational change
(Akhilesh, 2017).
This report will highlight the concept of open innovation, co-innovation and online open
innovation platforms. It will tell about the strengths and weaknesses of the online open
innovation platforms to the companies. Along with this, it will demonstrate the participation &
engagement in the platforms and their implication on the organization(Eckhardt, Ciuchta and
Carpenter, 2018).
TASK
Online open innovation platform, their strengths & weaknesses and their implications for
organization
OPEN INNOVATION
Open innovation is considered to be a new perceptions towards the innovation. Open
innovation refers to the term through which information sharing is done with the intention of
acquiring more knowledge (Sigala, 2016). It is done for the purpose of enhancing the markets as
well as innovation in products and services. It lead researchers or companies to do share their
unique findings or ideas with others. Open innovation is a managed sharing information flows
between various organizations in order to improve their business model by doing something new.
So many companies are looking for this approach in order to make their business competitive for
others (French, Teal and Raman, 2016).
CO-INNOVATION
Co-innovation is an innovation approach in which company disrupt its business and
industry by innovating directly with another company partners or customers. It involves defining
and executing new innovative offerings through products and services which lead to exceed the
sum of whole organizationals' parts (Brasseur, Mladenow and Strauss, 2017). The company who
is doing co-innovation at the same time, try to compete with another company in order to lead
the market. Co-innovation can be understand as 1 + 1 = 3. It's another name is Coupled Open
Innovation, which means both companies have to share knowledge with each others in order to
produce some innovative products or services.
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ONLINE OPEN INNOVATION PLATFORM
Online open innovation platform refers to the platform which are made up of various
factors. These factors help companies to communicate, co-operate and share tasks, knowledge,
skills and resources in order to perform various activities which is required to carry out for the
innovation at the online level (Bissola, Imperatori and Biffi, 2017). It is done for the purpose of
coming up with new solutions or new methods or new products. There are various open
innovation platforms which is being used by various companies online. It is helpful in providing
medium or tool through which companies are able to produce new ideas and accordingly do
innovation in the market (Edwards, Logue and Schweitzer, 2015).
STRENGTHS AND WEAKNESSES OF ONLINE OPEN INNOVATION PLATFORM
An online open innovation platform is very important for the success of the business.
There are various strengths and weaknesses of online open innovation platform which are such
as -
STRENGTHS OF ONLINE OPEN INNOVATION PLATFORM
There are various strengths which are as follows -
Vast amount of Knowledge – Due to digital technologies being used in these online platforms,
there are vast amount of knowledge available which lead companies to get ideas in order to make
their business process, aspect or product-service innovative.
Saving of Time and Money – Due to availability of knowledge in the platforms easily, company
don't need to do research regarding innovation or products which results in saving of time as well
as money which companies can use in another important business activities.
Strong customer relationships – This is an open platforms where any stakeholders or parties
related to the companies can provide knowledge or acquire knowledge. This will help company
to do innovation in their products accordingly. This make customers to fulfil their needs which
results in strengthen the relationships between customers and companies.
Strong Employer Brand Image – When companies are able to do innovation in their products or
any business aspects. This lead to enhancement in market shares, profitability and brand value of
the company. It will affect the company's employer brand image and it will be helpful in
companies to get good employees for their business (Journée and Weber, 2017).
WEAKNESSES OF ONLINE OPEN INNOVATION PLATFORM
There are several weaknesses of online open innovation platform which are as follows -
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Give Arise to Internally Conflict – There are various management team working under the
organization who don't like to share their knowledge or experiences with another people who are
working for another companies. These platforms lead to trouble those people which results in
arisen of conflicts within the organization.
No Confidentiality – Due to easily accessibility to these online open innovation platforms to
anybody, there is no confidentiality of knowledge or data which lead to sometimes acquire of
wrong information or data in the system in which these platforms are running.
Popularity Misleading – Due to easily accessible to knowledge, if any company is getting new
ideas from wrong knowledge. This lead company to bear a lot of loss as well as cost too. It also
lead to risk of brand image and popularity of the firm. It also affects the project or research
management of organization.
Danger of Manipulation – It has biggest weakness which is “Danger of Manipulation”. It helps
in minimizing the risk of the innovative ideas being manipulative. But these platforms are
handling by qualified communities(Dangers of manipulation, 2019). Otherwise , competitors can
spread wrong information on these platforms regarding the company and its projects which lead
to manipulation of company as well as customers (Mirvis and et.al., 2016).
DOCUMENTATION OF PARTICIPATION AND ENGAGEMENT IN SUCH
PLATFORM
During the participation and engagement, I experienced that To resolve the difficult
global issue by bringing together all volunteering participants from different countries to work in
collaborative fashion for that Open Innovation Platform is designed. Organization does not
follow any system regarding person specific origin, reputation or skill set. The participant of
program are enrolled by simple signature process present in their website. All the detail of
organization is available on their official website. Keeping in mind about quality participant most
of the collaborators who are under Open Innovation Platform offers general information.
Company search to label each society problem as a task. Time given to allocate this challenge is
three to five months. During this time all the participants including me concentrates in the topic
which is given to them. Whole process is based on thinking model of Innovation Platform. The
first task which is carried out by Platform is to find stories on challenged topic and success
stories. After whole process We choose the best idea. At last we all participants share the effect
of the ideas as well as learned lessons.
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IMPLICATIONS FOR BUSINESS
There are various aspects of business which get affect by Open Innovation. These
implications for the business are as follows -
Impact and Value for Organization – According to me, One of the implication of an open
innovation platform on business is that it is considered to be less effective and attractive for the
company. For the implementation of this particular platform, company will have to required a lot
of financial, materials as well as man power resources. It is very difficult for the firm to predict
or analysis the financial benefits from open innovation platforms. Another implication for me is
cultural change. Due to change in business implementation process, there will be change in
organizational culture. Along with this, due to open innovation platforms implementation in the
firm, it can lead customers to perceive the firm in wrong way by borrowing or purchasing of
ideas. Overall, it will affect the organizational values.
Consideration of Time and Resources Required to Engage – As per my experience, one of the
implications of implementation of open innovation platform within the workplace is high
engagement of employees. Higher the numbers of employees involvement and their performance
quality affect the implementation process. Higher the involvement, the chances for presenting
new ideas also become high. It also lead to bring change in the organization but due to high
involvement of employees in platform implementation(Storey and Song, 2017), they always get
ready to welcome the new change in the organization without any constraints, which make time
and resources to be used effectively.
CONCLUSION
From the above study, it has been summarized that open innovation is a new term which
is slowly getting population due to not much approachable by various organizations and
industries. It has some advantages and disadvantages which affects the company's operations,
costs, resources and success. It is very useful in getting ideas but at the same time, it is very
harmful for the security of the data which is supposed to be within the boundary of the
organization.
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REFERENCES
Books and Journals
Eckhardt, J.T., Ciuchta, M.P. and Carpenter, M., 2018. Open innovation, information, and
entrepreneurship within platform ecosystems. Strategic entrepreneurship journal.
12(3). pp.369-391.
Akhilesh, K.B., 2017. Co-Creation and Learning. In Co-Creation and Learning. (pp. 45-54).
Springer, New Delhi.
Bissola, R., Imperatori, B. and Biffi, A., 2017. A rhizomatic learning process to create collective
knowledge in entrepreneurship education: Open innovation and collaboration beyond
boundaries. Management Learning. 48(2). pp.206-226..
Brasseur, T.M., Mladenow, A. and Strauss, C., 2017, August. Business model innovation to
support smart manufacturing. In Proceedings of American Conference on Information
Systems 2017. Workshop on Smart Manufacturing. Boston, USA. (pp. 10-12).
Edwards, M., Logue, D. and Schweitzer, J., 2015. Towards an understanding of open innovation
in services: beyond the firm and towards relational co-creation. In The handbook of
service innovation. (pp. 75-90). Springer, London.
French, T., Teal, G. and Raman, S., 2016. Experience Labs: co-creating health and care
innovations using design tools and artefacts. Proceedings of DRS2016: Design+
Research+ Society-Future-Focused Thinking. 7. pp.2965-2979.
Journée, R. and Weber, M., 2017. Co-creation of experiences in retail: Opportunity to innovate
in retail business. In Managing Complexity. (pp. 391-404). Springer, Cham.
Mirvis, P. and et.al., 2016. Corporate social innovation: How firms learn to innovate for the
greater good. Journal of Business Research. 69(11). pp.5014-5021.
Sigala, M., 2016. Social media and the co-creation of tourism experiences. In The handbook of
managing and marketing tourism experiences. (pp. 85-111). Emerald Group
Publishing Limited.
Storey, V.C. and Song, I.Y., 2017. Big data technologies and management: What conceptual
modeling can do. Data & Knowledge Engineering. 108. pp.50-67.
ONLINE
Dangers of manipulation. 2019. [ONLINE]. Available.
Through<https://policyoptions.irpp.org/magazines/nudge/the-dangers-of-
manipulation/>
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