Collaborative Innovation

There seems to be an overload of products in the market - be it toothbrush, cars or software products. This in turn is providing excellent options for customers as intense competition is commoditizing the value of products. With pressure on margins, few survive. Some smart ones are creating an ecosystem conducive for mutual benefits through continuous innovation. Take for instance, Nokia's association with India's regional design school - Srishti. Or, Tata Consultancy Services'collaboration with business & IT schools across the world to ensure continuous upply of proficient IT professionals besides tying up with VCs and tech start ups. Or for that matter, IBM who fosters innovations through business partners, universities, schools and customers. The trend is increasing and cutting across industries. With customers becoming the kings, there's little choice for product companies than to collaborate with them in their endeavor to innovate. This way, even the companies stand to only gain as most often there's assured returns with the customers a part of the whole innovation and roll out.

Imagine, customer driven innovation in cars, TV sets etc....Well, possible though a long way from now...