Innovation in the Business-2-Business (B2B) world has been challenging and with the faster cycles of innovation and new business models, this market of the B2B, has been facing the pressure to innovate faster, more economical and more valuably. A massive section of the economy feels that B2B companies typically do not innovate enough, or are slow, or don't take alternative paths to innovation. This is more a misconception on the initial point (innovation not being sufficient) than the truth, possibly because B2C companies have a bigger reach and"face" from the marketplace to generate news public'aloud'. But B2B typically, has more development cycles as compared to some B2C company, which means they inherently are risk averse or so are slower to move toward open innovation.

The value of open innovation and crowdsourcing have been cited earlier but frequently noticed in B2B businesses is these concepts are shrugged off as'simpler for B2C as it's about customers talking about you'. In fact, this is obviously not the case. where to find suppliers for my business about collecting ideas from anyone in the ecosystem and incorporating it with your abilities - a believing more B2B companies are realising. B2B companies are less aggressive in selling or coming up with radically new products, and hence the buy-in from executives, a clear innovation strategy and engagement of internal and external environment are a few vital points any B2B company needs to resolve.

B2B's have an advantage - they already have"communities", thus the union between present and prospective partners becomes much easier. Breaking it down further, modularising challenges and finding the ideal platform will really open the marketplace wide open. The rise of social networking together with new technologies puts B2B businesses concerns to break here! Looking at technology, human intervention as well as outscoring, B2B companies can help never reinvent the wheel and look at more cross-pollination solutions for greater success. Harnessing imagination and keeping the group engaged with jobs significantly helps productivity. However, the real advantage lies in Intellectual Property (IP) and co-development or New Product Development (NPD) due to open innovation thereby positively impacting the top-line and bottom-line earnings.

Benefits and need for Open Innovation and crowdsourcing from the B2B marketplace are many. The things above are just a fraction. We have seen multiple B2B players with open-innovation initiatives available.

Firms have other open-innovation-like initiatives and although some are smaller compared to the remainder, it's a positive sign on the momentum within this subject. Open Innovation in the B2B area has work happening, but there's an untapped potential still to be explored and filled. It's time to reap the advantages until others join the bandwagon.