7 lessons learned from $5 million in open innovation prizes



Photo: Ladislav Mecir

7 lessons learned from $5 million in open innovation prizes

Principles of open innovation

Kongevelle 3.JPG

By Bob Collowân, CC BY-SA 2.5, https://commons.wikimedia.org/w/index.php?curid=6103707


What do mini-Big Bang Theory Lego, Mozilla, Facebook’s Pride Flag feature, P&G’s Connect+Develop, and Moodle have in common?

There are all examples of open innovation (OI) at its best.

Popularized by Henry Chesbrough,“Open Innovation” term refers to the broad concepts of leveraging external sources of technology and innovation to drive internal growth. It also entails the spin-off and outsourcing of unused intellectual property. (Michael Docherty, 2006)



Open Innovation vs Crowdsourcing vs Co-creation

File:StateLibQld 2 212640 Daphne Mayo participating in Wattle Day celebrations in Brisbane, 1914.jpg

Various principles and concepts are used for managing research and innovation. You are probably familiar with these buzzwords: crowdsourcing, open innovation and a more recent one, co-creation. Organisations are gradually moving away from traditional work models; they are becoming a lot bolder and more inclusive in their approaches to innovation.

Open Innovation vs Crowdsourcing vs Co-creation

Open Innovation Is Alive and Well in the Pet Industry. Here’s How to Get In on the Action

People are spending more money on their pets than ever before, with no signs of slowing down. If you want to live the licensing lifestyle, consider inventing pet products.