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How open innovation competitions can help solve waste
October 21, 2016
How open innovation competitions can help solve waste
By Melanie Tan
Friday 21 October 2016
Singapore is positioning itself as a leader in the development of sustainable cities. One of the ways they are doing so is by considering the implementation of the “circular economy” in Singapore. That is, a variety of business models and industrial processes which do not generate waste by intention or design and conserve natural resources as much as possible.
While high level talks by companies and government are necessary in creating change at the policy and industry level, there also is a need to support innovations for waste reduction from the ground up.
This is where open innovation—which refers to collaboration between different stakeholders to create original or different products and services—can help.
It offers opportunities to reduce R&D costs and bring the innovations to market more quickly compared to traditional R&D processes which can take years. One open innovation platform that has gained popularity in recent year is the hackathon. Hackathons are design sprint-like events in which participants collaborate intensively on solving software related challenge statements.
Read more at Eco-Business.
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