Can outsiders solve your problem? — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

Can outsiders solve your problem?

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in Leaders & Managers,Office Management

When Eli Lilly & Co. was about to lose its patent protection on Prozac back in 2001, the drug manufacturer formed InnoCentive, a subsidiary whose purpose was to visit university and independent laboratories in search of new products.

The result? Access to wide-ranging research at a cost far lower than in-house R&D.

Lesson: You might be surprised to learn that great ideas from the outside cost a great deal less to develop than those you develop in house.

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