The kind of rewards you offer depend on the open innovation initiative you intend to launch and who will be participating. Rewards may be favoured supplier status or exclusivity deals with suppliers who contribute ideas that you decide to implement. For instance, a well known pharmaceutical company runs open innovation initiatives with suppliers. Those suppliers whose ideas are implemented are required to share ideas with other suppliers, but they get favoured status enabling them to do more business with the pharmaceutical company.

When working with the public or customers, however, rewards will usually need to be money or products. For instance, if you run a competition, you will normally need to offer a cash prize for the idea or ideas implemented. Alternatively, if you invite outsiders to participate in a day long brainstorming event, you will probably be expected to pay them for their time. Such payment could be in cash or it could be in kind: such as products your company makes.

Actions There are number of open innovation actions you can launch. These can invite all the world and their grandmothers to participate or can focus on a select group or can be restricted to people whom you invite. Each action has its advantages and disadvantages.