The Inception of Open Innovation: A dream or reality?
Critics have called the recently released film Inception an innovative tale. The storyline itself even gives a nod to the concept of open innovation. The film’s lead character, played by Leonardo DiCaprio, wants to take his dreamscapes to a new level and recruits a graduate student as the architect to help him construct these new worlds.
DiCaprio’s character is initially hesitant to share knowledge with an “outsider.” After struggling with the idea of bringing in new expertise, he realizes that to succeed, he must step outside comfortable boundaries and open up the innovation process. Ultimately, the reward of opening the door to innovation is projected to be much greater than the risk.
Many organizations struggle with risk vs. reward as they begin the transition to open innovation. Often there are questions about trust. Of those we think we can trust, who has the ideas we most need? Could we avoid risk and make the same progress if we focused our internal resources more?
At Intuit, we have asked these same questions. While we might not be tackling new dream levels like those in Inception, we have untapped opportunities to explore that can lead to innovations that will improve our customers’ financial lives. Ultimately, that is the reward that moved Intuit to innovate with others.
For the second year Intuit is extending its open innovation program with Intuit Entrepreneur Day. On Monday, Aug. 16, more than sixty start-up companies and entrepreneurs will be at Intuit headquarters to look for ways to grow with Intuit through open innovation and partnerships.
In some ways the event is like a first date. Intuit and the participating companies determine if they are compatible. For Intuit, bringing open innovation into reality has potential to bring the much greater reward of accelerating progress for our millions of customers than any risk we see on the horizon.
Open innovation can be the right move for many organizations. Sometimes it’s taking time to answer those initial questions about risk vs. reward that will start us on the journey.
To learn more about the open innovation going on at Intuit Entrepreneur Day, follow us August 16 on Twitter at #IntuitEntDay. In the days following the event, we will post updates here.