Companies can accelerate their product development using an approach known as technology scouting, report Barry Payne, Chandresh Harjivan and Mark Deck of PRTM.
Think ‘two minds are better than one’, and multiply it by
hundreds or thousands. A few years ago, Eli Lilly launched
InnoCentive as a way to connect with people outside the company
who could help in developing drugs and speeding them to market.
Pressing scientific problems – ones Eli Lilly’s internal
scientists had been unable to solve – were posted on InnoCentive’s
website and anyone in the company’s network of experts could
take a shot at cracking them. Eli Lilly also made InnoCentive
available to other firms eager to access its network.
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