We have a tendency to attribute innovations to one individual, so ascribing them exclusively to a specific innovator. In reality, innovations are mostly processes, Vontobel's Georg von Wattenwyl writes.
By Georg von Wattenwyl, Managing Director, Vontobel
The paintings on the ceiling and walls of the Sistine Chapel in Rome rank among the most sublime works of art in the world. Michelangelo painted them, but even he could not have done so without assistants to lend their support.
Pop Art co-founder Andy Warhol stopped painting at some point, with employees and also friends taking over the production of the screenprints. And while Mick Jagger wrote «(I Can’t Get No) Satisfaction» it was not a solo effort, but rather a collaboration with Keith Richards.
We have a tendency to attribute innovations to one individual, so ascribing them exclusively to a specific innovator. In reality, innovations are mostly processes, with several people involved. Or many people. A great many people.
The Knowledge of a Single Individual
The modern world calls for rapid innovation processes. Technology, globalization and the mobility of knowledge are heightening ingenuity and resourcefulness in the creation, implementation and further development of new ideas. Digitization is making open innovation possible. The knowledge of a single individual is these days rarely sufficient to give rise to an innovation, and the corresponding processes are being opened up to harness the potential of the outside world, i.e. the crowd and the combined skills and expertise it has to offer.
Digitization makes it possible to aggregate human knowledge and electronic data to amass a vast array of information, which can then be used systematically.
Open up a Pool of Knowledge
Companies today create new things together with their users. Open innovation makes this possible, and enables companies to use their networks. Online communities allow active users to come together to discuss their preferences and requirements. Here they can exchange their knowledge and insights, present their experiences in dealing with the products, seek out ways of solving problems, and work together on new product ideas. Such communities represent a unique source of knowledge and innovation for companies.
The Real Revolution
Consistently focusing on the needs of the crowd is essential. If you not only allow users to participate but also systematically integrate them in innovation processes, this will open up a pool of knowledge and ideas that will lead to offerings that meet needs, and prevent flops from making it into your range. User integration fosters user loyalty. Novel community platforms allow users to push their own ideas and product concepts themselves.
Innovation management is changing. And at the heart of this change is the redefined image of what a user’s role is and how they behave. This is the real revolution brought by open innovation. And while users are ultimately still users and service recipients, prior to that they are important collaborators, creative partners, co-innovators, and also testers and assessors.
Georg von Wattenwyl is Global Head of Financial Products, Advisory & Distribution, Vontobel Financial Products.
