e4m Conclave- One day to go: Experts discuss central theme 'Open Innovation to Engage Consumers'
The theme for the exchange4media Conclave 2017, which will be held in Mumbai this Friday, is “Leveraging Open Innovation To Engage Consumers”
Open Innovation has become a popular concept with businesses to use external as well as internal ideas, and also internal and external paths to market. Conceptually, it is a more distributed, more participatory, more decentralised approach to innovation, based on the observed fact that useful knowledge today is widely distributed, and no company, no matter how capable or how big, can innovate effectively on its own.
Open Innovation can be understood as the opposite of the traditional vertical integration approach where internal R&D activities lead to internally developed products that are then distributed by the firm.
Keeping the relevance of this concept in mind, this year the theme for the exchange4media Conclave 2017, which will be held in Mumbai on October 27, Friday, is “Leveraging Open Innovation To Engage Consumers”. The keynote speakers for the 17th edition of e4m Conclave include names like Carter Murray - Global CEO FCB and Norm Johnston - Global CEO of Mindshare Fast and Global Chief Digital Officer, Mindshare. The other speakers include V. Vaidyanathan - Founder and Executive Chairman, Capital First Ltd. and Dr A. Velumani. PhD. - Chairman and MD, Thyrocare Technologies Ltd, while the Chief Guest for the event is Dr. Subhash Chandra - Chairman, Essel Group.
Speaking about the relevance and importance of open innovation in today’s marketplace, Prasanth Kumar, CEO, South Asia, Mindshare, said, “I think what we require is constant innovation and it can come from anywhere, it can be from technology, creativity and we can leverage from all of that. I also believe that the ecosystem should be able to get great benefits out of this and the ecosystem should also brainstorm to see how it can also trigger some more innovations.”
“So many stakeholders today are trying to find an answer to a problem and I think the more diverse people you involve in that brainstorming process, more disruptive solutions will emerge. Gone are the days of fixed data on which we used to base our solutions. I believe that open innovation is going to be the way we interact with people and to me the heart of open innovation is collaboration. It is a great way to build disruptive ideas," stated Rabe T Iyer, Managing Partner, Motivator.
At its root, open innovation is based on a concept of abundant knowledge, which must be used readily if it is to provide value for the company that created it. However, an organisation should not restrict the knowledge that it uncovers in its research to its internal market pathways, nor should those internal pathways necessarily be constrained to bringing only the company’s internal knowledge to market.
“I am in support of taking external ideas to start innovative platforms. It’s very good approach to grow in the market and open innovation thus becomes a crucial approach to adopt," said Hina Mittal, Co-Founder & CEO, ProfiliAd.
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