$20 Billion Reasons to Open Your Company to Outside Innovation

April 23rd, 2013 by InventionHome | 0 Comments
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So, your company’s CEO just mandated more innovation. You need to figure out how to begin shifting your revenue mix over the next few years to products that don’t even exist today.

Where to begin?

Consider the paradigm shift that is happening right before your eyes. Companies are no longer stuck on the idea that everything needs to be invented in-house. More and more often, companies are turning to outside innovation as a way to grow their product lines.

Today, consumer-innovators are sweeping the invention industry at a pace never before seen in history, pouring billions of dollars into product development each year.

This phenomenon was brought to light in 2011 when researchers at the MIT Sloan School of Management published a study showing that in total, consumers in the United States are spending upwards of $20 billion annually on product development, which is equal to 33% of the total amount that commercial enterprises are spending. Similarly, inventors in the United Kingdom are investing in product development; they outpace commercial spend in their country (144% which is upwards of $5 billion).

These statistics should be a wake-up call for companies to understand where innovation is and will be coming from in the future. Both Supply and Demand for consumer innovation is at an all-time high.

If you’re ready to take the plunge and begin opening your doors to outside opportunities, InventionHome can help you automate your product submission process at no cost and help drive targeted innovation from around the world directly to your door step.

For more information, email Bob Raspet at braspet@inventionhome.com or call 1-866-844-6512 x117.

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