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A massive section of the economy feels that B2B companies normally do not innovate enough, or are slow, or do not take alternative paths to innovation. This is more a misconception on the initial stage (innovation not being sufficient) compared to the truth, perhaps since B2C businesses have a bigger reach and"confront" from the market to generate news public’aloud’. But B2B generally, has more development cycles as compared to some B2C company, which means that they essentially are risk averse or are slower to move toward open innovation.

The value of open innovation and crowdsourcing have been cited earlier but often noticed in B2B businesses is these notions are shrugged off as’simpler for B2C as it’s about customers talking about you’. In

find suppliers near to me , this is obviously not true. It’s all about gathering ideas from anyone in the ecosystem and incorporating it with your abilities – a thinking more B2B businesses are realising. B2B businesses are less aggressive in selling or coming up with radically new products, and thus the buy-in from executives, a clear innovation strategy and engagement of external and internal environment are a few vital points any B2B firm should resolve.

B2B’s have an advantage – they have"communities", hence the marriage between present and prospective spouses becomes much easier. Breaking it down further, modularising challenges and finding the right platform will really open the market wide open. The rise of social media together with new technologies puts B2B companies concerns to rest here! Looking at engineering, human intervention in addition to outscoring, B2B businesses can help not reinvent the wheel and look at more cross-pollination solutions for higher success. Harnessing imagination and keeping the team engaged with jobs significantly helps productivity. However, the real benefit lies in Intellectual Property (IP) and co-development or New Product Development (NPD) because of open innovation thereby positively impacting the top-line and bottom-line earnings.

Benefits and demand for Open Innovation and crowdsourcing from the B2B market are many. The things above are just a fraction. We’ve observed multiple B2B players using open-innovation initiatives available.

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