Innovation in the Business-2-Business (B2B) world has been challenging and with the quicker cycles of innovation and new business models, this market of this B2B, has been confronting the pressure to innovate faster, cheaper and more valuably. A large section of the market feels that B2B firms typically do not innovate , or are slow, or do not take alternative paths to innovation. This is more a misconception on the first stage (innovation not being adequate ) compared to the truth, perhaps because B2C businesses have a bigger reach and"face" in the market to make news people'aloud'. But B2B generally, has longer development cycles in comparison with a B2C company, which means that they inherently are risk averse or are slower to move toward open innovation.

The value of open innovation and crowdsourcing are cited previously but often detected in B2B businesses is these notions are shrugged off as'simpler for B2C as it's about consumers talking about you'. In fact, this is clearly not the case. It is all about collecting ideas from anyone in the ecosystem and integrating it with your capabilities - a believing more B2B companies are realising. B2B businesses are less competitive in selling or coming up with radically new goods, and thus the buy-in from executives, a clear innovation strategy and involvement of external and internal environment are some vital points any B2B firm needs to resolve.

B2B's have an edge - they already have"communities", hence the marriage between present and prospective spouses becomes much simpler. Breaking it down further, modularising challenges and finding the ideal platform will actually open the marketplace wide open. where to find suppliers for my business of social networking alongside new technology puts B2B companies concerns to rest here! Looking at engineering, human intervention in addition to outscoring, B2B businesses can help never reinvent the wheel and look at greater cross-pollination solutions for greater achievement. Harnessing creativity and keeping the group engaged with jobs significantly assists productivity. However, the real benefit lies in Intellectual Property (IP) and co-development or New Product Development (NPD) because of open innovation thereby positively impacting the top-line and bottom earnings.

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

Companies have other open-innovation-like initiatives and even though some are smaller than the remainder, it's a positive sign about the momentum in this subject. Open Innovation from the B2B space has work happening, but there's an untapped potential to be explored and filled. It's time to reap the benefits until others join the bandwagon.