To Recover Faster from Covid-19, Open Up: Managerial Implications from an Open Innovation Perspective

The Science Direct website just published a study by Henry Chesbrough which noted that Covid-19 has severely tested our public health systems. Innovation will have an important role to play in recovering from the aftermath of the coronavirus. This article discusses both how to manage innovation as part of that recovery, and also derives some lessons from how we have responded to the virus so far, and what those lessons imply for managing innovation during the recovery. Good ideas can come from anywhere, making openness is an imperative in these times of crisis. Opening up will speed up your internal innovation process, and allow you to take advantage of the knowledge of others in your business (outside in), even as you allow others to exploit your knowledge in their business (inside out). This will create more experiments, generate more knowledge, and explore more ways to apply that knowledge for customers’ businesses.

Click here to read the full article.

Image via Flickr.