What Is Open Innovation and Why Does It Matter?

The Analytics Insight website posted a useful primer on open innovation. After presenting a basic overview of what open innovation is and why it is important, the article goes on to suggest that organizations divide their open innovation plans into four phases: a Want Phase, Find Phase Get Phase and a Manage Phase. In the Want Phase, organizations should identify gaps in their innovation and assess whether these gaps can best be internally or externally. The Find Phase is about deciding which external group will help the company develop the necessary capabilities to plan according to the ideas and knowledge from these external sources. In the Get Phase the company implements and executes  the agreed upon plan with its external partners. The Manage Phase concerns the tools and metrics that the company must use to track and monitor their external stakeholder relationships. Open innovation is heading innovation towards the future. If done right, it can change the way businesses operate.

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