Building Open Innovation Ecosystems: Trends, Technologies and Traps

Cosmetic and CPG companies have entered into an Open Innovation 3.0 landscape. They have moved far beyond basic initiatives to foster innovation in-house. They recognize that simply opening their doors and passively accepting ideas from individuals, customers and partners is both inefficient and insufficient to achieve innovation growth goals.

Today's industry leaders are actively putting in place the internal systems, processes and people to identify meaningful innovation opportunities and disruptive solutions and to capture and nurture them. No small feat given that traditional large companies operate entirely differently than the entrepreneurs and startups playing an increasingly larger role in innovation ecosystems.

Attendees of this 30-minute presentation will hear:

• Examples of how cosmetic and consumer products companies have used open innovation initiatives to identify game-changing product, engineering/manufacturing, logistics, and marketing solutions
• The four elements of a successful open innovation system
• Strategies for better interactions with entrepreneurs and startups
• Agreements, transitions, and adaptations large companies need to make to get to a “deal” mindset