Why Open Innovation Is Such A Needed Idea For Tech Firms

The Analytics India Magazine website quoted former IBM research director James McGroddy: “When you’re targeting your technology to your current business, it’s like a chess game. In a new market, you have to plan your technology entirely differently. You’re not playing chess anymore; now you’re playing poker. You don’t know all the information in advance. Instead, you have to decide whether to spend additional money to stay in the game to see the next cards.” Most of the big technology businesses still run only closed innovation practices and run the risk of not discovering new markets and new business models. In the 21st century, every technical organisation has to ready with an executable strategy to understand and use the knowledge that lies outside the company.

Click here to read the full article.

Image via Flickr.