One of the greatest benefits of an open innovation platform for a financial institution is that they can honestly say that they listen to what clients and potential clients want and, perhaps, more importantly what they need.
Lego, the legendary maker of the toy building bricks, has long been a hallmark of children's toys. Yet as the digital revolution took hold, they often struggled with the transition -- once losing over $50 million.
It's often claimed that everyone's incentives need to be the same in any successful system. However, no communities or individuals are identical. Instead, our experience has taught us that users have wildly differing incentives and motivations.
The wording and tone of the question matters -- if you ask the wrong question you'll get the wrong solution, but so many of us spend a tiny fraction of our time framing the questions we're asking and even less time re-evaluating them over time.
TopCoder is the world's largest platform for digital open innovation, whose 445,000-plus members around the world compete to develop lines of code in return for prizes and recognition, resulting in great efficiencies of time and cost.
Open Innovation is an effective method for gaining ideas from outside an organization, but in order to achieve long term sustained Innovation, companies need to establish a structured repeatable process.