Most of us are excited about what can be accomplished through Social Innovation but the explanations of what it takes to get there can sometimes be long and vary by industry. So I perked up when I heard an elegant explanation by Vincent Franceschini of how Open Innovation, a collaborative approach to innovation, feeds into Social Innovation and why it's so necessary in todays world.
My favorite quote is that this is all about, "...taking the inside out [approach to innovation] and brining the outside in." He notes that in the broad context, Social Innovation is expected to be a $2 TRILLION opportunity by 2020. And although we all should benefit from those opportunities, Vincent explains why collaboration benefits us more with the different skills of different organizations being better utilized.
Furthermore, even though the Open Innovation economy is already here, he cautions against random approaches with an example of innovation processes used by Hitachi Live Insight Center of Excellence as how to take a measured approach. (I know Nick Chang, the head of our CoE, is always talking about co-innovating with customers!)
You can watch the 15 minute Social Innovation and Open Innovation Video of Vincent's speech from the recent Hitachi Information Forum in Europe. He does a great job of showing how these ideas tie together!