Open innovation will play a key role in the developed economies over the next decade. There will be new technological trends that will fuel innovation, from blockchain to digitalization to genomic editing. Innovation itself will continue to evolve, and so policy must also be prepared to adjust.
The most successful organizations are those that can prep for the future and push the envelope creatively to find the next innovative idea. But what if how we have been thinking about innovation is all wrong? Open innovation is a newer idea that is spreading across industries and changing how companies work together and plan for the future.
Open innovation will take on a new meaning as AI will scan internal and open data to find the best ideas. A.I. will replace up to 45 per cent of jobs within 20 years. There is a lot of talk about how such intelligent systems and chatbots will eliminate low level jobs, customer service and repetitive tasks. Let’s review, as examples, some actual practices where Artificial Intelligence (AI) is already changing the way jobs are performed.
The project team has canvassed 5 500 leaders from within business, government and civil society across five continents, and asked them to rank 15 sustainability opportunities. Within these they found 120 solutions and existing projects around the globe to showcase practical and inspirational solutions to global challenges.
Open innovation–introduced by Henry Chesbrough, an adjunct professor and faculty director of the Center for Open Innovation at the Haas School of Business at the University of California, Berkeley–focuses on a more open and collaborative framework for developing products, services, and more. By plugging in outside ideas along with internal thinking, it’s possible to take innovation to a new and better level. In many cases, open innovation intersects with startups, business incubators, joint ventures, spin-offs, and even crowdsourcing.
Open innovation is reshaping the agricultural landscape. More than in other industries, agriculture has found the need to play technological catch-up. Advances in highly technical systems that use drones, sensors, and data analytics have created a demand for expertise not traditionally associated with ag. Consequently, most of the agricultural companies that are not currently taking advantage of open innovation will be doing so by the decade’s end. The rest may not be around much longer.
The big question is for me: Do we have to innovate with technologies or alliances? So today, I want to talk about accelerated growth factors, customer values, collaboration types, conducive knowledge, and connectivism. Yes, I didn’t say connectivity.
Whether you are looking to hear and read the story of online collaboration that happened at the Goldcorp Inc. in Canada or the Collaborative distributed computing power that was shared for the SETI@home project, the Search for extraterrestrial intelligence project launched by the University of California, Berkeley, collective intelligence and the “Power of crowds” in online collaboration is here to stay on earth.
Open innovation is a trendy buzzword in the business world and there are plenty of sources that underline its importance and fundamentality for the future of businesses. But how does one actually make open innovation work?
Open innovation has been mentioned so many times it’s hard to understand what it refers to now as it’s been connected to just about anything, mostly as a buzzword for the old practice of partnerships between companies. The concept itself is an effective marketing tool, but managers will need more than that to foster growth and innovation in the long run. What they really need are business processes capable of changing short term management approaches and engaging the relevant people within the business. Open innovation is an opportunity but it is difficult and can take time to tame.