The author sets the stage for meaningful open innovation collaborations. Smith explains that collaboration is not a hit and run strategy. Rather, the initiative has several key components. If companies enter into a collaboration without definition of the objective and a multi-dimensional approach they will not succeed. The collaborative effort must set milestones, have a specific goal, and work under strict deadlines.
Chris Smith writes that the secret weapon in bringing financially strapped state and municipal governments to more sound policy is to lessen the rhetoric and amp up the open innovation portal. In the past, political bookkeeping has lost credibility as it seems the true financial picture is not presented to the public. Smith’s perspective is that through open innovation the citizens and government can jointly develop practices that will balance the budgets.