Power of Open Innovation

Steve Shapiro is a dynamic public thinker and expert in innovation processes. As the president and innovation evangelist at 24/7 Innovation, Shapiro engages audiences with insight on business practices. He believes that open innovation is a monstrously powerful characteristic, and should be utilized by every business.

While crowd sourcing is an excellent tactic for gaining innovative practices, businesses must be conscious of time. Public views change extremely quickly, and the skill of adaptability must be set as a priority in all strategies. When the rate of change outside the organization is faster than that inside of the business, the company will quickly lose footing and fall behind in the market. Businesses must use the signal to noise ratio, which compares what a business wants and what they do not want. In terms of innovation, this means filtering through the ideas and holding on to the innovative solutions which will make a difference.