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What is "open innovation" and how does this model benefit innovators, companies and the world at large?
What is "open innovation" and how does this model benefit innovators, companies and the world at large?
Luminary Labs is a strategy and consultancy firm founded by Sara Holoubek in 2009. Presented in Q and A format, this case explores the experience of Holoubek as she led the development of her first open innovation competition. As a consultant to Global Pharmaceutical, Holoubek was a voice for "pharma beyond drugs"—exploring ways that health tech might improve both patient outcomes and the company's growth. Working closely with the pharmaceutical company's management, Holoubek designed a successful open innovation competition that focused on improving the experience of diabetic patients—a ground-breaking open format within the context of an industry that had traditionally prioritized closed environments. More than a decade later, Luminary Labs has become known for designing and producing large and technically complex prize competitions, with prize purses often in excess of $1,000,000. Believing that open innovation can actually "change the world," Holoubek has run programs to incentivize the development of an artificial kidney, improve care during the Covid-19 pandemic, and increase access to tech education in rural America.
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