I would like to share my first video guest lecture at KTH from Electrolux about their perspective of open innovation. Let’s extend and share our knowledge about this phenomenon to promote creation and improvement.
Electrolux is a leading global appliance company from Sweden since 1919, which is present in more than 150 markets, including the brands AEG, Anova, Frigidaire, Westinghouse and Zanussi. They sell more than 60 million household and professional products and is the only appliance manufacturer in the world to offer solutions for both.
The Open Innovation Strategy according to Beatrice Maestri is to create new value, new products, new services and new experiences for customers. They define innovation as new business opportunities and a new way to interact and work with each other. In short: A new way to do business. Therefore, a important point is the exchange between internal and external networks but with the main focus on people.
Open Innovation provides new technologies, new ideas, additional competencies and new and other markets. Due to fast innovation processes and the speed behind new trends, it is a common need to outsource. As Beatrice Maestri mentioned: “It is not possible to be an expert of everything”.
Access to vital information for decision making, flexibility of skills and influencing innovation in an ecosystem are benefits of open innovation for Electrolux. To capture this benefits, they defined roles and responsibilities to deal with open innovation. A team of 5 people is working full time on open innovation to capture new innovative business solutions to create new value for their customers.
According to their vision: Unlock universe’ potential.
A key challenge is therefore for the open innovation team to move beyond the trusted network and to find brokers. Brokers are the intermediate connection of the company and innovators outside. According to Beatrice Maestri, they cluster Broker in “DNA”, for example industrial, academic, media, etc., to match and rank brokers. At first they focus on a balanced portfolio of brokers, then they launch – create perfect match between needs and brokers, afterwards they scout, screen, OIB, Brokers Activity and at the end is the management of brokers.
It was a nice experience to see what is possible nowadays, as i already mentioned that it was my first video guest lecture. The whole presentation was well structured and gave a good impression of Electrolux’s open innovation strategies and how important it is to treat and involve open innovation. Thank you again Beatrice Maestri for sharing this knowledge and strategies with us in the course #ME1033 Open and User Innovation at KTH!