Innovation Articles
By Esteve Almirall, Wim Vanhaverbeke, Henry ChesbroughWhat is Open Innovation?
Mar-03-16Open Innovation is based on the fundamental idea that useful knowledge is now widespread throughout society. No one organization has a monopoly on great ideas, and every organization, no matter how effective internally, needs to engage deeply and extensively with external knowledge networks and communities. An organization that practices open innovation will utilize external ideas and technologies as a common practice in their own business and will allow unused internal ideas and technologies to go to the outside for others to use in their respective businesses.
Why Does Open Innovation Work?
Mar-03-16There are three reasons why Open Innovation works. First, in the traditional approach, the reliance is on deep vertical integration and internal R&D networks for innovative success. In the open innovation approach, there is much greater reliance on connection, collaboration, and partnerships for innovative success.