Implementing an Open Innovation Strategy
Many Open Innovation concepts are already in use in a wide range of industries.
Companies recognize that not all good ideas will come from inside the organization and not all good ideas created within the organization can be successfully marketed internally. Open innovation is about connecting with others to find new ideas and, often, to co-develop and co-market them. Implementing an open innovation strategy presents many challenges for management.
This paper will research the following:
1-Utilising open innovation as a paradigm beyond high tech to more traditional and mature industries
2-The role of collaborations within ‘open innovation’
3-developing an understanding of the skills required to implement open innovation.
4-How firms can apply the concepts of open innovation to:
a- find creative ways to exploit internal innovation
b- incorporate external innovation into internal development
c- motivate outsiders to supply an ongoing stream of external innovations.
5-Our research in this area is focused on helping companies understand and overcome these challenges and
6-link the decision to locate some part of a firm within a particular region with the stated aim of implementing open innovation and the activities a firm needs to undertake at that location to ensure successful implementation of open innovation.
There are many examples of successful open innovation efforts today. Some take the form of pan-industry innovation networks that share in the risks and rewards of their findings. Others are straightforward co-development projects between strategic players.
Emerging examples of open business strategies
Dossia is a consortium of large employers—including AT&T (ATT), BP, Intel (INTC), Pitney Bowes (PBI), and Wal-Mart (WMT)—that have come together to develop portable electronic medical records for their employees.