The venue for the recent CoDev 2015 event in Scottsdale Arizona couldn’t have been better selected for this time of the year. Cloudless skies and temperatures in the high 20’s set the scene for a highly interactive and positive event which also benefits from being a relatively small group size. Many events become unwieldy due to numbers but the atmosphere was friendly and all the delegates very ‘open’ to discussing their interests and commercial needs.
Of course the term ‘open’ is key to this event which explores open innovation and best practice within companies to bring in innovations from outside of their walls. There are huge opportunities to develop ideas and technologies sourced from outside the company, this can take the form of spin-offs or through licensing agreements or the funnel could be filled by other companies in the supply chain, for instance suppliers, who play an increasingly important role in the innovation process.
We heard many cases of how companies from the automotive, chemicals and personal care product development sectors to name but a few work with third parties to develop innovative new products and technologies which are aligned with their internal strategies. The nuances were different between the internal cultures and their approach to open innovation but many common themes were unsurprisingly present such as the need to have regular communication between parties as products are developed almost becoming one seamless entity during the program.
It was also very pleasing to hear how the previous mentality of ‘closed innovation’ which espouses a culture of innovations only being developed within their walls and not from anywhere else has very much moved, at least in principle if not entirely in practice, to one where innovations can be sourced from internal and external sources and working with the best innovators wherever they come from is good for the company. Involving other parties when developing new products and technologies can be of enormous value. Think for instance about cooperation with other firms in your sector, suppliers, universities, and of course end-users.
