Open innovation is an accepted paradigm for achieving this goal. Organisations are always looking for innovative ways to increase their innovation capabilities. Merck Innovation Cup, a new concept in open innovation that brings together young talent and retired professionals to foster breakthrough innovation. This concept, which has already brought Merck considerable value, can be applied broadly for global benefit. This article outlines how to do it based on seven Innovation Cups held over seven years.
"I had a very rare vision. "I have had a most rare vision." William Shakespeare, A Midsummer Night's Dream, Act 4, Scene 1.
The evolution of an idea
Henry Chesbrough's Open Innovation paradigm was first introduced in 1965.1 The influx of ideas and technologies from outside of the company has been a key part of pharmaceutical companies' strategy since the beginning. Although it is a well-established partnering strategy, working with academic researchers in the framework of strategic partnerships2 has seen an increase in competition for the best academic research. While the competition for the best academic researchers has intensified over the years, there are still two types of strategic resources that are undervalued. These include young talent students who have yet to enter the labour market for regular employment or retirees who have left the company many years ago. This paper presents a concept that can leverage these undervalued resources in a unique synergistic way to benefit all stakeholders, including: 1) young talent students, 2) experienced retirees, and 3) sponsors corporations.
"My soul is in heaven." William Shakespeare, Midsummer Night's Dream, Act 5, Scene 1.
It has added value
The Merck concept has already had a significant impact on the company's bottom line. It was awarded multiple innovation awards, including the German Industry Innovation Award (the oldest innovation award in the world), the Stevie Award, the Stevie Award, and the Edison Award. From its inception in 2011, more than 7500 applications have been received for the Innovation Cup. 280 students will have completed the program by the end of 2018. The majority of applicants were from Germany (16%), followed closely by the United States (15%), UK (12%), and India (11%), demonstrating the global potential of the concept.
40 original ideas have been developed to a project plan over the last seven years. Around 50% of these ideas were then implemented and are now in the Merck pipeline.
Participating in the Innovation Cup offers a number of benefits. Participants learn about R&D within the pharmaceutical industry, as well as how products are developed and brought to market. Students can network with other bright students around the globe, explore career opportunities and work in a team to create and discuss innovative ideas. The program provides guidance from experts on how to assess new ideas from both a business and technical perspective. They also learn how to create a compelling project plan and how to pitch an idea to senior managers. Participants have the opportunity to take part in the project's implementation and stay connected with an alumni group. Participants consistently have a high satisfaction rate (>97%) according to surveys. The following statements from participants are exemplary.
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If you want to avoid problems such as strokes and heart disease, there is an easy way.
Get more fruits and vegetables.
Whole grains are better than refined ones. Brown rice is better than white. Switch to whole-wheat pasta
Consider lean proteins such as poultry, fish and beans.
Reduce your intake of processed foods, sugar, salt, saturated fat, and other unhealthy food.
Flexibility is key to eating well, according to Joyce Meng, MD assistant professor at UConn Health's Pat and Jim Calhoun Cardiology Center. You can follow a strict diet plan if you prefer. It's okay if you don't like following a strict diet plan.
Tricia Montgomery (52), founder of K9 Fit Club knows firsthand the benefits of a healthy diet and lifestyle. Her favorite things are eating healthy food and making small, frequent meals. She says, "I don’t deny myself anything." "I still enjoy dessert, key lime pie, yum!" -- I love frozen gummy bears and moderation is the key.
Get regular checkups. Your doctor will keep track of your medical history so that you can stay healthy. If you are at high risk of osteoporosis (a condition that weakens bones), your doctor may recommend more vitamin D and calcium.
You may be recommended by your doctor to have screening tests done to monitor your health and detect conditions before they become serious.
Be open to communication. Meng said, "If you have any questions, ask your doctor." "Ensure you are satisfied with the information." Talk to your doctor if you have concerns about any medication or procedure.
It can be very detrimental to your health. It is impossible to avoid it all, but there are ways you can reduce the effects. Do not take on too many responsibilities. Set limits for yourself and others. It is okay to say no.
To relieve stress, try:
Talking to a friend or family member.
Develop healthy habits
You can prevent problems from coming your way tomorrow if you make the right decisions today.
Brush your teeth twice daily and floss each day.
Limit your alcohol. Limit your alcohol intake to 1 drink per day.
Take your medication exactly as prescribed by your doctor.
Get better sleep. Try to sleep for at least 8 hours. Talk to your doctor if you are having trouble sleeping.
Keep out of direct sunlight between 10 a.m. and 3 p.m.
Wear your seatbelt.
Meng suggests that you take time each day to invest in your own health.
Montgomery was able to see the benefits. Montgomery says that she has overcome health issues, is happy, and has a positive outlook. She says that her life has been forever transformed.