Open Innovation is invaluable for modern day Nepal
“If you want something new, you have to stop doing something old.”
These lines of Peter F. Drucker, an Austrian-born American management consultant, educator and author, would probably best describe the need for innovation for Nepalese market.
For long we have been borrowing the ideas from the American and European market. We try to imitate the successful business model without analyzing their relevance to our context. We all can witness the increasing number of ‘kirana pasals’ imitating the exact same business model of other similar Kirana Pasals. Replicating the successful business ideas are not the ultimate solution for sustaining in the market. Innovative ideas for Nepalese market could best cater our interest of succeeding in this complex Nepalese Market. For that the trend of copying-pasting should come to an end.
Great innovative ideas cannot be created in vacuum. Developed countries have been spending gargantuan amount of budget for innovation project. They allocate Research and Development budget for locating problems and generating crafty ideas to address those pinpointed problems. On the contrary, our case is different and so is our market. What works best for their market may not work for ours. Our market is different in every aspect, our lifestyle, socio-cultural aspect, political scenarios, and our work culture makes us unique from other countries. For our unique market, innovating can be one of the most pivotal tools to stay relevant to the market’s need. We need unique ideas, we need tailored ideas and on the top of that we need innovative ideas, for which the strategy, Open Innovation, could be the best fit.
The concept of Open Innovation simply refers to ideas that freely flow from employees, partners, suppliers and other stakeholders. According to Henery Chesbrough, “Op en Innovation is the use of purposive inflow and outflow of knowledge to accelerate internal innovation and expand the market for external use of innovation respectively.” In this informative age, knowledge and information is widely distributed and no matter how big or capable the company is, companies can reap unmatched benefits out of open innovation technique. It assists an institution to acquire ideas out of freely flowing knowledge all over because this process is more distributed, more participatory, more decentralized approach to innovation.
As, Open innovation process takes into considerations both internal and external ideas of company and choose both external and internal paths to the market; it is highly likely that firms would be able to generate invaluable ideas that perfectly blends with the market’s need. Apart from this, the process of open innovation is significant for following very reasons:
- It reduces the risk of failure
- There is high probability of Market acceptance of idea as it is based on market consensus.
- This results in Innovation/product development as per market requirement.
- This results in Innovating old products and service.
- Open innovation process will Build a community and get in touch with customers and fans by helping to learn what your community wants and then give it to them.
- Staying ahead of competition.
- It helps generate better quality of ideas.
- It reduces R&D cost
Our market is very fragile yet evolving, which keeps on altering every now and then. We need the interactive and collaborative innovation process with external partners to be aware of changing market. Interaction with different stakeholders seeds any institution with their much needed opinions and criticisms that enables an institution to gain a clear picture and vision regarding what the market needs. What every institution needs to remember is; when it comes to creativity, many heads can be better than one. Open innovation provides an open platform to grow globally as the process acknowledges the ideas coming through open source for innovation and interaction of people.
This complex world requires change, knowledge and innovation. Sharing of knowledge, expertise and ideas with partners by sharing risk and sharing reward is immensely invaluable to thrive in the innovation-led-market. To operate a business in market like Nepal, open innovation could result in more profitable way to innovate, reduce cost, accelerate time to market, increase differentiation in the market and create new revenue streams for the company. Open innovation is not an alternative to create a better market; it is now an essence towards prosperous business market.
“Great people and ideas are evenly distributed, both inside and outside of organizations. They are also increasingly connected, so the open innovation is the smart strategy for a new networked world.”
It is with this same belief, Clock b Business Innovations is introducing the first ever innovation event of Nepal, ‘Innovation IDs – Idea Designing Summit’, on 16 & 17 November 2016 at Tribhuvan Army Officers Club, Sundhara, Kathmandu; with an aim to serve as a platform to collaborate for innovation. Through this event, we wish to provide an unprecedented platform to all attending businesses and professionals for collaborating to design ideas together to address the market and industrial complexities. It is the vision of Clock b team to inform, entertain, and provide a business innovation platform for our attendees in a pleasant, comfortable environment.
If a brilliant idea, a new product or service or technology is what your business needs, open innovation can really help by connecting you to ideas throughout Nepal.
We will see you at our business innovation themed event Innovation IDs, to generate bright new ideas.
Author: Roshani Chand
Clock b Business Innovations