CPAs and Advisors with Your Growth in Mind


What a Great Idea! Innovative Ideas Generated by the Public

Companies source innovative ideas from many different relationships and connections; however, sometimes it is the general public that can foster new ideas and help grow a business. This can be a cumbersome approach if not properly developed and organized, but can open up the innovation mix to the most unique ideas resulting in powerful innovations.

In part five of the Forbes magazine series on types of innovation models, public innovation is highlighted as the last innovation option, mainly due to the complexity that comes with the scale and quantity of that type of source. According to the latest installment, “With public innovation programs, organizations need to have a robust set of technologies and processes in place to manage the (likely) thousands of ideas that can come their way.” Two examples mentioned in the article, Royal Dutch Shell and Procter & Gamble, have managed to not only control the process, but also taken the ideas and made the company more profitable.

Keep in mind the public innovation option is the most time consuming. Conversely, if the process is executed in the right manner, the results can lead to increased revenue, reduced costs and a competitive advantage. It might just be the option to take a company to the next level.