An example for enterprise which implements this way through different business models is General Electric. It focuses on employing crowdsourcing innovation. This is seen in the Ecomagination project. This project was to develop a schema to address the environmental challenges. This project is a competition in which they allow start ups and inventors to show technologies that could help them improve their development of products and services about the smart grid. These results showed that GE received 4000 submissions and $100,000 cash rewards were given to five young firms and constituted strategic partnership with 12 others. Entrants are found to submit their ideas on website that GE provided and they need to show their technology and its value position and its potential to be linked with professional knowledge and technologies of GE (Mascioni, 2011). These ideas were judged by external advisers and GE executives including Wired’ s editor and venture capitalists on the basis of potential impact, feasibility and originality. Innovative ideas could be purchased and the idea’s production was manufactured through GE’s smart factory places. In this the members transfer their ideas into real products through machines and tools required. In total, 74000 people’s comments were obtained by GE and they have spent $ 17 billion on R&D and gained total revenues of $232 billion in the last decade.
Another example of open innovation is P&G which employs the way of external partners. These efforts directly led to the emergence of Connet + Develop website. This platform allows innovators to express their related needs and upload their innovative ideas, and create multiple partnership and related products. P&G’s COVERGIRL was partnering up with OraLabs to release a new lip balm, which avoided a time-consuming R&D process. Company regards time as money, especially with trendy products, therefore, COVERGIRL benefits from cooperation with OraLabs.