Thinking outside the company: Open Innovation

This wikipedia article provides a definition of Open Innovation, a term coined by Berkley professor Henry Chesbrough that basically means a company outsourcing innovation. Some consulting companies started playing in this field, providing a forum where experts and companies looking for solutions can interact. Examples include Idea Connection and TekScout, from Utek .

A subset of open innovation is Crowdsourcing, popularized by Wired magazine and described in details here.

Key insights:

1. An innovative approach to innovation
2. A new business model for consulting companies – who will become the new eBay of ideas?
3. Crowds can generate noise but can also generate innovation cheaply

CBIG asks: Will open innovation share the rise and fall of outsourcing?

Columbia Sportswear reuses packaging to reduce waste

Sports apparel manufacturer Columbia is launching a innovative option on its website – reused box shipping option. Clients can also log in to see the life cycle of the box.

Check details here

Insights:

1. if 60% of consumers are willing to go with used boxes, this is a great option in current frugal times.
2. saves money and improves brand image.
3. smart use of partner website to increase buzz factor.

CBIG asks – increased market awareness of environmental impact or sign of people trying to save money?

Perky Jerky – World’s first caffeinated beef jerky

Reuters notices the introduction of Perky Jerky, the world’s first caffeinated jerky product.

Insights:

1. It seems the energy category keeps expanding.
2. Perky Jerky uses Guarana instead of Coffee – how will US consumers respond?
3. The company is trying to create online marketing buzz through several features in its website.

CBIG asks – will this be a hit with Chicago Booth MBA students?