Economic Development Programs
Using open innovation as a means of economic development is a widely adopted strategy from Fortune 500 businesses all the way to the White House. Future economic growth and regional competitiveness is directly influenced by the innovation capacity of industry and their ability to seize opportunities to catalyze technological breakthroughs. Regions like Ohio, Michigan and areas of the European Union are investing in programs that assist companies with their engagement in external innovation and are already beginning to enjoy successes within the first few years.
Fortune 500 companies and other large multinational corporations have historically been much more likely to engage in open innovation as a means to accelerate their innovation cycles and bring new ideas to market due to large amounts of resources and advanced capabilities. A lack of these resources and capabilities can hinder startup and Middle Market companies from engaging in the external innovation process at the same level. Assisting companies seeking external solutions with a portion of the transactional costs of utilizing intermediary services, like those of NineSigma, incents companies to try something new to help solve some of their toughest internal innovation challenges.
NineSigma has extensive experience with organizations at every level of open innovation maturity and possesses the tools and management processes required to successfully move a company from one stage to the next. We recommend open innovation as an engagement channel to help your region meet its own goals and objectives for growth and development.