Inbound, Outbound Open Innovation
The IPCG website noted the two directions of open innovation. For more than a decade, firms have focused much of their open innovation (OI) efforts on one direction – inbound OI. Few firms employ outbound OI approaches. However, the outbound direction of OI, while arguably less intuitive, offers a number of opportunities for firms to capture value
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Design the Right Open Innovation Project
The Innovation Excellence website noted that Open Innovation is now widely recognized as a way to enhance options for innovation by accessing external assets. However it can mean many things to many people; from running a crowdsourced idea scheme like LegStarbucksIdea, or MyStarbucksIdea, through to
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The Future: Share with Your Customers
The Venturebeat website reported that according to recent research by OpenMatters and Wharton Business School, companies that share insights and economics and co-create with their network of customers, employees, investors, retailers, and suppliers are worth 2-4 times more than companies with other business
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How Anyone Can Turn Into A Creative Genius
The Huntington Post noted that many corporations are using open innovation to get new product ideas or find solutions to problems. Procter & Gamble is one of the most experienced and long-term leaders of crowdsourcing. In 2001, it launched a platform called “Connect + Develop.” This
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Joel West on Open Innovation
The Keck Graduate Institute website reported that Joel West, Henry Chesbrough and Wim Vanhaverbeck recently published a new book, “New Frontiers in Open Innovation.” In an interview with the site Dr. West discusses the approach the three open innovation experts took to covering the extensive
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Managing Intellectual Property with Open Innovation
The IdeaPoke website noted that open innovation empowers new product development and has been the driving force of sustainable innovation for several companies over the decades. While it accelerates innovation and reduces time to market, open innovation poses a few challenges when it comes to managing
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Finding Innovative Ideas in Unexpected Places
The Forbes website reports that Zynga, whose firm counts Xerox, Pfizer, Kraft, Siemens, and many other heavy hitters among its clients, says any company can make profitable use of ideas from other, seemingly unrelated fields. The first step in what’s commonly called open innovation, he says, is to
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Making Open Innovation Stick
The Business2Community website noted that the publication, in 2003, of Henry Chesbrough’s book “Open Innovation” spawned a movement that has since swept across the industrial landscape and changed forever how companies think about innovation. The ideas were not new. In some cases they date
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Open to Innovation
The Financial Express website reported that the Mahindra Group launched India’s biggest innovation prize—the ‘Rise Prize’ which offers $1 million for ideas and innovations involving the ‘Mobility Challenge’, which invites solutions for driverless cars in India, and the Solar Challenge for
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The Case for Consumer-Centric Innovation
The Entrepreneur website noted that the consumer appetite for new and improved products has largely contributed to the need for more innovation. The increase in product development activity has led to the acceptance of open innovation as a new source of ideas. The practice of open innovation really began
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