Open Innovation In The Spotlight

The Asian Scientist noted that traditionally, companies have treated innovation almost like a jealously-guarded secret—a proprietary activity conducted only by select insiders. But this costly, long-term model of in-house R&D is threatened by the rapid pace of technological advancement. To keep up, companies are being challenged to turn to new models like open innovation. According to Albert Pozo, Chief Digital Officer of SATS, external collaboration is necessary to solve the complex problems that today’s companies face. The benefits of collaboration are greater than secrecy, he remarked. Naysayers need to accept that open innovation is inevitable. Changing this mindset, however, starts with the top management which needs to encourage a mindset of open innovation within the organization.

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