Open Innovation In The B2B Marketplace

manufacturers and suppliers directory of the economy feels that B2B companies typically do not innovate , or are slow, or do not take alternative routes to innovation. This is much more a misconception about the first stage (innovation not being sufficient) compared to the truth, possibly because B2C companies have a bigger hit and”confront” in the market to generate news public’aloud’. However, B2B generally, has more development cycles in comparison with a B2C company, so that they essentially are risk averse or so are slower to move toward open innovation.

The significance of open innovation and crowdsourcing are cited earlier but often noticed in B2B businesses is these concepts are shrugged off as’simpler for B2C since it’s about customers talking about you’. In truth, this is clearly not true. It’s all about gathering ideas from anybody in the ecosystem and incorporating it with your capabilities - a thinking more B2B companies are realising. B2B companies are less aggressive in selling or coming up with radically new products, and hence the purchase from executives, a very clear innovation strategy and engagement of internal and external environment are a few key points any B2B firm should solve.

B2B’s have an edge - they already have”communities”, hence the union between current and prospective spouses becomes considerably easier. The rise of social networking together with new technologies puts B2B businesses concerns to break here! Looking at engineering, human intervention as well as outscoring, B2B companies can help never reinvent the wheel and look at greater cross-pollination options for higher success. Harnessing creativity and keeping the group engaged with jobs significantly helps productivity.

Benefits and need for Open Innovation and crowdsourcing in the B2B marketplace are many. The points above are only a fraction. We have observed multiple B2B players using open-innovation initiatives out there.

Firms have other open-innovation-like initiatives and although some are smaller than the rest, it’s a positive sign on the momentum in this subject. Open Innovation in the B2B space has work going on, but there is an untapped potential to be researched and filled. It is time to reap the advantages before others join the bandwagon.