Practical Open Innovation
01 May 2009
Isis Innovation – the University of Oxford’s technology transfer company – announced today its expanded focus on Lean Innovation consultancy. Lean Innovation is a system for implementing open innovation programmes to maximise R&D effectiveness and minimise waste. Targeted for private sector companies, the goal is to achieve and manage the optimum blend of internal and external innovation, for maximum growth and profitability. The Isis approach pushes open innovation to the next level, applying the lean business principles of relentlessly eliminating waste and finding the most efficient approach to each R&D challenge.
“Open innovation is vitally important for technology based companies but has been quite challenging to implement” explained Isis Managing Director, Tom Hockaday. “A few leading companies have successfully broken down the barriers and reaped substantial financial rewards, but many more are struggling to develop a clear innovation strategy, build the right company culture and implement the correct processes to manage external and internal innovation well. Isis has been helping private and public sector organisations successfully evaluate and develop technology for over twenty years.”
Isis is a global leader in innovation consultancy in a variety of fields including bio-medical, pharmaceuticals, chemicals, renewable energy, environmental science, computers, electronics, semiconductors, software, heavy industry and consumer products. Isis has cultivated extensive networks in industry and research that provide valuable insights and experience across the broad horizon of innovation challenges.
“The primary goal of Isis’ Lean Innovation consulting is to help companies develop and implement the right custom strategy to manage both internal and external innovations, said Chris Moody, Isis’ Lean Innovation Leader.
“Companies across a wide variety of industries are feeling more pressure than ever to innovate and manage new product development faster, with fewer resources. Connecting with the right external sources of technology and properly managing an open innovation business model is essential for the continued success of many companies. “Our accumulated expertise in open innovation, backed by the extensive technology and global business resources of Isis and the University of Oxford, set us in a unique position to assess and provide practical, real-world guidance on comprehensive innovation strategies for our clients.”
The Lean Innovation consulting process begins by exploring the client’s business to identify the strengths and opportunities within their current innovation process and business model. Isis then works closely with the client to develop an optimised, custom innovation strategy. “We assist in creating the right internal goals and procedures, then work with the client to implement their plan, including helping them, through our extensive networks, to find new markets for existing products, identifying external technology to licence or evaluating acquisitions”, said Moody.
The next step in the implementation is training and coaching of the client’s staff in the practice of Lean Innovation. In the final phase, Isis guides the development of an ongoing custom assessment process, creating the right metrics for tracking the client’s success and assuring continuous improvement. The result is an accelerated, lean and sustainable innovation process.
For more information, please contact:
Chris Moody, Lean Innovation Leader, Isis Enterprise
T +44 (0) 1865 280905
Lean Innovation is a trademark of Isis Innovation