An innovation network is an organizational structure that enables faster and more efficient implementation of business innovation. It can exist within a company or across different companies. An innovation network consists of different actors who contribute their diverse perspectives, expertise, resources and knowledge to the innovation process. Some of the benefits of an innovation network are:
- It increases the diversity of ideas: By involving different stakeholders, such as marketing, production, sales, development, external experts or customers, an innovation network can generate ideas that reflect the needs and expectations of various groups. This helps to overcome the so-called “blinkered view” and to create more innovative solutions.
- It improves the efficiency: An innovation network can be set up quickly and agilely, e.g. to meet current innovation challenges. The members of an innovation network can support the innovation teams with their special skills, such as methodologies, coaching or technical knowledge. They can also provide the necessary resources and facilitate the transfer of new discoveries into the company or organization. This increases the development and implementation speed of innovations.
- It fosters the innovation culture: An innovation network can introduce current knowledge and trends into the company or organization. It can also create a sense of ownership and commitment among the members of the network. This enhances the innovation capabilities of the company or organization and enables it to act with both hands, i.e. to efficiently implement the existing as well as to develop new ideas.
An innovation network is a key factor for the future competitiveness of a company. It supports continuous improvement, idea management and innovation management. It also plays an important role in digitalization. To establish an effective innovation network, state-of-the-art technologies such as Innolytics® idea management software and innovation management software can be used. These tools allow employees to participate in innovation projects, to share their expertise and to collaborate with other members of the network.
If you want to learn more about innovation networks, you can check out these sources:
- Innovation network | Innolytics
- UN Innovation Network
: https://innolytics.net/innovation-network/
: https://www.uninnovation.network/