Michael Collins sees a world blossoming with open innovation – where companies increasingly recognize the value of getting input from people outside their own labs.
So convinced that this is a world where inventors can prosper, he’s written a book about it. The Million-Dollar Idea in Everyone (Wiley) hit store shelves in March.
Collins is the chief executive of Big Idea Group, which helps inventors license and market their products. He’s formerly of the Pleasant Company, makers of the American Girl Doll collection. He founded Kid Galaxy, a specialty toy company and producer of Bendos bendable action figures.
Collins notes that open innovation owes its origins to open-source software, where coders improve programs through collaboration. Think of the Linux operating system.
But Collins eschews dense geek-speak in his book. Instead, he tries to make the case that “big ideas come from everyday experts just like you – schoolteachers, construction workers, college students, computer-savvy teenagers, almost anyone.”
Some may find the book a bit too optimistic. Collins is, after all, a glass-is-half-full kind of guy.
Inventors Digest spoke to Collins before the book’s publication. He said companies do a better job of opening the door to outside innovation – “creative outsourcing” – when they set parameters.
When Staples Inc. launched a contest for an improved manila folder, it said contestants couldn’t add to the cost of the folders, or change the folder’s function or the supplier.
“Sometimes,” Collins said, “it’s better to be creative inside the box.”
Excerpts from The Million-Dollar Idea in Everyone:
The “open innovation trend is broader than just companies seeking inventive new products. New user-driven businesses like Threadless, Helium, Greeting Card Universe, OurStage, and Can Stock Photo allow anybody to create content and showcase their talents in order to gain recognition and to make money in environments that have been traditionally off-limits.”
“Most entrepreneurs who ultimately succeed in creating a profitable business doing something they love get there after the initial strategy and even plan B get derailed. In fact, plan F or G is more likely to be the winning approach. The beginning stage of any new venture is a time for experimentation, both for you and for the business.”
“I like company-sponsored open innovation opportunities (contests) for new everyday experts because the companies provide an almost risk-free way to venture into the open source environment without having to start a business or invest a lot of money.”
