In an article for PetFoodIndustry.com, it is revealed pet food companies should control their own idea generation as well as other layers of control, but new factors have revealed rewarding benefits. These factors include increasing availability and mobility of skilled workers, growth of the venture capital market, external options for ideas that have been shelved, and increasing capability of external suppliers.
Writer Jessica Taylor shares the term “open innovation” for pet food product companies, which is a term promoted by Henry Chesbrough, who is executive director and professor at the Center for Open Innovation at the University of California. It is revealed the term is related to user innovation, cumulative innovation, mass innovation, and distributed innovation.
Grim’s Petfood Forum Europe presentation, “Introduction to Open Innovation,” revealed that companies should not rely solely on their own research, but should buy or license processes or inventions (or patents) from other companies. In addition, internal inventions not being used in a firm’s business should be taken outside the company through licensing, joint ventures and spin-offs.” In order to prevent stagnation, companies need to communicate outside themselves and try not become completely self-sufficient.
New market knowledge has emerged, and according to Grim’s presentation, “”I believe in being open minded, and crucial is whether a company can accept that the innovation point is the pivotal moment when talented and motivated people seek the opportunity to act on their ideas and dreams.”
To read the entire report, visit www.petfoodindustry.com.