P&G and the Future of (Open) Innovation

In this post, I am pleased to be able to share some insights on what Chris Thoen, Managing Director of Open Innovation at P&G believes will drive and/or impact the future of (open) innovation.

Developing regions: There will be a tremendous amount of innovation in and from developing regions which is driven by population as well as capability growth in countries such as India, China and Brazil.

Consumers/communities: Innovation will be driven by consumers and communities with the keywords being co-creation, “wisdom of crowds”, crowdsourcing and social media.
Societal bets: Societies will drive more innovation through their bets on alternative/renewable energy, communications technology and software/networks/smart grid, etc.

Dramatic changes in “where to look” for innovation: P&G believes there will be much more innovation coming from small and medium enterprises, governments and NGO’s.

Challenges for future: The complexity of open innovation requires a mindset shift for leaders. Teamwork will not just be cross functional, but will span across individuals, companies, universities and governments.

Organizational models: They must support open innovation based on clear business needs, external strategies and accountability.

Required Skills:
- Trust (lasting relationships make benefits flow in both directions)
- Seamless collaboration (operate effectively externally and internally with all levels of an organization)
- Speed/Agility (seek, find, and act with agility in order to become partner of choice and top of mind for next deal)
- Networking (it is not just what you know, but also who you know)

Chris, it is great that you are willing to share thoughts and insights on how one of the global open innovation leaders view the future of innovation. Thanks for sharing this…

You should also check my recent post, Critical Lessons, Facts on Open Innovation in which Chris Thoen shared some interesting facts on P&G’s open innovation efforts.