The idea of Open Innovation is promoted Henry Chesbrough, a professor and executive director at the Center for Open Innovation at Berkeley. He is also writer of Open Innovation: The New Imperative for Creating and Profiting from Technology. In today’s challenging world, most of the companies cannot rely entirely on their own research but have to consider buy or license processes or inventions from other companies. This approach can lower their cost of developing new technologies thus enhance their business.

This same idea was also shared by CISCO during the recent MSC Malaysia IAP meeting in May 2008.  It cited the example of a Gold Mining company sharing the company information to the public for the search of a Gold Mining location.  The information provided by this company was to help them find new Gold Mining locations, and those that manage to find are then rewarded USD500,000.

Taking the above as one of the source of inspiration, Malaysian Association of Bumiputera ICT Industry and Entrepreneurs (NEF) will bring this program to the community to spur creation of new innovative technologies, processes, business models. Currently, new products/processes/services are generally created without really taking into account the market needs. That’s why we can see billions of ringgit has been poured to R&D in past ten years in public sector alone and we hardly seen the returns of wealth created through the research.  Open Innovation Program strives to change this via our relationship with our Corporate Strategic Partners in the various vertical industries.

As a Corporate Strategic Partner, you just need to share information pertinent to current issues that needs to be resolved or vision of the specific product/process/service to the technopreneurs community. Once they have an idea, technopreneurs will present the idea to the CSP.  If CSP response is positive, they only need to issue a Letter of Interest to the technopreneur.  With the Letter of Interest, they will be given a special access to funds such as MDeC Pre Seed Funding to develop the prototype.  Therefore, in order to have an optimal outcome out of this program, CSPs should specifically mention about their needs and direction for specific business area.

Proposed Program Format

  • Opening remarks by Corporate Strategic Partner Representative (5 minutes)
  • Opening remarks by NEF President (5 minutes)
  • Corporate Strategic Partner Representative to present the direction of IT (45 minutes)

Suggested Areas of Presentation:

  1. Each event should focus on one area to resolve (maximum three areas per session).
  2. Presentation should share information as much as possible to enable accurate innovation scoping.
  3. Should have clear objective of desired outcome.
  • Question & Answer Session (45 minutes)
  • Light Refreshments & Networking (30 minutes)

Benefit of Corporate Strategic Partner

  1. “Free” Research & Development cost via Strategic Partners.
  2. Cultivate culture of innovation within the company.
  3. Positioning your company/organisation as a leader in innovation within its industry.
  4. Low risk exposure for new innovation development.
  5. Fresh new business idea from an external perspective.

If you are interested to host an Open Innovation Program with us, please contact us at 03-7722 2706 or email admin@nef.org.my