Our current business environment is saturated with competition. While business experts develop multiple strategies to combat this competition, innovation remains one of the strongest tools to stay ahead.
The competition becomes tougher given that the world has become a global village. New businesses and innovative ideas are erupting from all over the world. This makes the need for new ideas even stronger.
Talking about new ideas, most of the current business market is focused on millennials. Most of the students that are searching for jobs and companies consider as potential employees belong the same generation. The benefit lies in their raw talent. A huge percentage of this generation is dependent on technology but can use for development purposes as well. Therefore, business organizations can tap into this talent to promote more innovation in their strategies to compete.
Innovation and Students
Nowadays, innovation is not just a concept anymore. It is actually taught at educational institutions. If not, it is at least discussed in terms of the subjects that are taught. Innovation is a big thing in business schools.
Therefore, the students who are just entering the world of employment are well-versed in this concept and understand its significance as well. Most of these students are already involved in projects that are sponsored by certain development authorities or organizations.
The term open innovation was promoted by Henry Chesbrough. Chesbrough is an adjunct professor and faculty director of the Center for Open Innovation at the Haas School Business at the University of California.The term describes a paradigm that assumes that business organizations can use both external and internal ideas to advance their technology.
One of the profitable external ideas tanks is available with the students. Their fresh minds, immense interaction with the existing technology and a will to make the world better are very fruitful for implementing innovation in the business world.
Innovators among young generation are not just changing the image of business markets. They are also changing the method of management and general workplace environments. The bureaucracy and authoritarian styles are gradually going out of the norm. The concept of leadership instead of management has become more common. Students involved in extracurricular activities have a better chance of adjusting to these newer environments. Skills like that don’t only make them responsive to good leadership but become better leaders themselves.
One of the ways open innovation can be promoted through students is crowdsourcing. Many organizations are now providing platforms for students to come together and put their insights into unique developmental projects.
One such platform is Solveo. Solveo enables talented students to connect with industries. Together, they use the resources provided to develop solutions for modem business problems. In order to motivate, Solveo also awards the open innovation and creativity of these students. The purpose of the platform also includes providing affordable innovation opportunities to local companies.
The platform is also a source of talented potential employees for these companies and to get their social responsibility efforts recognized.