Customized innovation is based on the internet. In a web based approach customized innovation is able to systematically integrate with a company’s customers. The customers are then in on the process of development. The customer gets to share their ideas on what could make the product or packaging better. Even service companies have used customized innovation in recent years.
Customized innovation uses multimedia and global accessibility to communicate with consumers. It will then take a look at processing costs regarding the suggestions found in the customized innovation. There are toolkits, user design, and other options available to the customer to create a new product. The approach was first introduced by HYVE Management, who found it to be rather successful. They have taken scientific and empirical research to determine the best course of action.