Innovation and short time-to-market are critical for companies and organizations to build strategic competitive advantage. The Open Innovation methodology is a powerful method for accelerating innovation.

1) At the beginning of the development funnel, open innovation workshops are organized. During these sessions, ideas that exist within the company are challenged and supplemented by external perspectives. To this end, suitable external experts are identified and contacted. A broad spectrum of perspectives is desired.

2) The best ideas that come out of the open innovation workshops are captured and their economic feasibilities are assessed. Business cases are created that include all required elements (expected costs and revenues, forecasts, etc.). Suitable business models are defined.

3) Those ideas which are economically most attractive are technically examined in detail. This includes patent analysis, possible manufacturing processes, suppliers, etc. First prototypes are created. Once economic and technical feasibilities are checked, project authorization is required.

4) The authorized projects are further detailed in the definition phase. Features and specifications of the solution are set to reach design freeze. Depending on innovation requirements and applicability: Risk management is initiated, make or buy is defined, manufacturing process is confirmed, launch forecast is set, etc. Contributions of the external experts relevant during idea generation are again instrumental.

5) The most promising solutions make it to the implementation phase. Here, all design verification and validation activities are completed. Forecasts and pricing are confirmed. Clinical evaluations are conducted (if applicable). Patent application is filed. Process validation is performed. Market launch is arranged, and potential line extensions are prepared.

6) With the launch date, post-market monitoring begins, and the forecast is reviewed. Typically, the development project ends one year after the market launch and is handed over to product care.

The Strategists Network (TSN) has supported numerous organizations with the Open Innovation methodology.