Accelerate Innovation With an Open Model
An article in Laser Focus World notes that open innovation has become a new model for supplementing and accelerating a company’s innovation programs. The term was coined in a book by Henry Chesbrough in which he described how valuable ideas can come from inside or outside a company, and how these ideas can and should be utilized to go to market either via the company’s traditional markets, new markets, or licensed to other companies. Implementing an open innovation strategy can result in a bit of a culture shock to an organization, especially if the company has been entrenched with a “not invented here” culture for many years. Even companies that have overcome this culture and are interested in looking outside hesitate to do so as they do not know how or are afraid to work with other noncommercial institutions.
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