Originally published November, 2009
Executive Summary
Open innovation offers a significant opportunity to leverage intellectual resources from outside the company. In fact, despite the number of resources available internally, the very largest companies have the greatest need for open innovation because of a natural tendency for institutionalized thought associated with any large entity.
Beyond just another business fad, open innovation attempts to create new sources of ideas and solutions with the potential of influencing every aspect of business activity. However, open innovation is often ill-defined, and as a result, implementation can create confusion. Oftentimes, corporate culture and policies need to change for open innovation to succeed.
To make the most of open innovation, companies should integrate it into all stages of activity, from early-stage product ideation and R&D to late-stage marketing and sales. Companies will realize the greatest benefit by maximizing open innovation in all stages of business activity. This expansion of scope calls for more strategic thought on how innovation networks are built and how they function.
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