Open Innovation Is Eating the World: How to Stay Faster Than Yesterday
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Open innovation is disrupting traditional business models. The document discusses how open hardware platforms like Hackster are enabling faster innovation through open sharing of projects and ideas. The CEOs of thriving hardware startups recommend embracing innovation as a core value, committing to genuine product-market fit to mitigate risks, exploring non-validated ideas for future growth, and following customers' journeys. Open innovation lowers barriers to entry and allows crowd-resourcing of ideas compared to traditional closed source and internally resourced models. The document encourages companies to try more open and uncomfortable practices like validating ideas on Kickstarter and paying bonuses for failed attempts.
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Open Innovation Is Eating the World: How to Stay Faster Than Yesterday
- 1. Open Innovation Is Eating the World Adam Benzion Co-Founder & xCEO of Hackster.io An Avnet Company
- 2. Everything I’ve learned from our users and partners at Hackster, one of the largest hardware communities earth.
- 3. 500,000+ Engineers & Makers 15,000+ Published Projects 200 Technology Partners #1 Fastest Growing HW Community Hackster is an open innovation platform
- 5. Create A Place That’s Open. Create a Space for Sharing. Faster Innovation = Open x Shared
- 7. “All our patents are belong to you” Elon Musk Tesla Motors
- 8. Old rules out. Operational chaos in.
- 9. I asked the CEOs and VCs of thriving hardware startups and open source hardware platforms the following question: “What are your favorite best practices or tools that keep you innovative and faster than yesterday?”
- 10. 1Innovation is a North Star Define it and embrace it at every level, especially management. Bake it into metrics and KPIs that reward both wins and fails on route to your destination.
- 11. 2Commit to Product Market Fit When you commit to a genuine product market fit, almost everything else can be figured out. Risks with new categories will be mitigated if customers truly love your product.
- 12. 3Explore Non- Validated Ideas Non-validated ideas are your future categories or significant feature extensions that should be explored. This is how you grow, differentiate, and create a culture of renewal.
- 13. 4Follow Your Customers Journey Don't build ANY PRODUCT unless you are certain that at least 100 people are 100% willing and committed to pay for it.
- 20. Breakthrough ideas are often, not always, startups led. But quality and long term promise happens in Fortune 100. Closed Source Internally Resourced P&L High Barrier To Entry THEN Open Source Crowd Resourced VC Lower Barrier To Entry NOW
- 21. Try Uncomfortable Things 1. Validate new product categories on Kickstarter 2. Crowdsource unusual ideas on Hackster 3. Pay bonuses for failed attempts (Google does it) 4. Be patient with slow starts, smaller $ returns are OK 5. Try new tools, like Dragon Innovation’s Product Planner 6. Experiment with a flexible NPI process: “OpenNPI”
Notas del editor
- Open source Rapid release cycles No “respect” to old rules
- Hardware components:Arduino Due×1 SparkFun Triple Axis Accelerometer and Gyro Breakout - MPU-6050×1 Software apps and online services:Unity Arduino IDEHand tools and fabrication machines:3D Printer (generic)
- IP protection Huge budgets Brand reliance Distribution Prototyping Equipment All different now
- Price Quality Features
- All new product ideas exist on a continuum. Validated ideas are those for which a company already knows how to capture value. Ideally, a company can map every step of the value chain: from the supply chain, through a retail transaction, and into the user’s home. When every step of that value chain is understood, the product’s value is understood—the product idea has been validated. Companies exist to define these crucial value chains in every conceivable way. Competent companies are those that are best at managing value chains. Companies are not as good at dealing with ideas where one or more links of the value chain are undefined. The more links in the chain that remain undefined, the more risky an idea appears. Product ideas that have many unknown value chain links can be classified as non-validated. Non-validated innovations are those for which a company is unable to predict the value—usually because the company lacks experience or the market has yet to emerge. Non-validated product ideas represent the biggest growth opportunities for companies because, instead of cannibalizing sales of existing products, non-validated products create a new category.
- Servers - Cloud
- OpenNPI From Taylor Dawson: As product developers, we have become accustomed to launching products in a specific way. The NPI process dictates that we should do so. There are a couple of assumptions built into NPI that have become major impediments to launching groundbreaking new innovations. First, NPI assumes that the cost of developing and launching a product is on the order of millions of dollars. Most large companies are convinced that the best new innovations are those that have nearly instant potential to gain significant market share. When these companies consider product launches, they think of multi-million dollar, multi-year projects. Second, NPI processes consider secrecy as a key competitive advantage. Nearly every enterprise R&D lab includes multiple layers of security, requires NDA agreements, and threatens punishments to employees who disclose its secrets. This secrecy is designed with the assumption that competitors are closely monitoring a company’s actions with the intent and ability to copy or disrupt. I’ve seen products that routinely failed to make the cut under the cover of confidentiality become hailed as major breakthroughs when developed in the open.