Very often, products hit the market without truly being ready to do so. Sometimes, the failure rate is high from the very beginning; in other cases, the initial reaction is better but sales eventually come crashing down. Although we theorists see such processes as a central ingredient of the market economy, we believe that market failure is also related to a narrow approach to innovation.
Perhaps if consumers and outside forces where involved in the creative process, failure rates would decline. This is why we need to go from creation to co-creation: because the manufacturing process cannot remain dettached from the outside forces that ultimately shape the evolution of any market economy. In this sense, many firms are looking to change this by partnering with firms like Ennomotive. Our open innovation challenges try to avoid market failure by bringing independent teams and professionals into the product development cycle. This mix creates a greater number of opportunities and thus translates into a more creative model for change.
Just take a look at what P&G did under its Oral B brand: to develop the first bluetooth connected toothbrush, a crowdsourcing platform was organized in order to find new ideas of what such type of product could offer to consumers. In less than a month, the firm received 70 submissions from more than 20 different countries. It’s no secret that the project was a success when it finally hit the streets.
Join Ennomotive and deal with real challenges to real products, just like Oral B’s case!