Archive for February, 2016

Transparency is Key to Open Innovation

Friday, February 26th, 2016

Research & Development

In order to compete and win in today’s global marketplace, innovation-driven companies have to find ways to create and develop products and services faster than ever before. Going outside their own four walls to source ideas and solutions in order to expedite the time-to-market cycle — commonly known as open innovation (OI) — has become a widely accepted and applied strategy for companies ranging from global chemical producers and automotive giants, to bioengineering and pharmaceutical companies, sports equipment, consumer and packaged goods makers – even state governments and the National Football League.

How to profit from open innovation

Friday, February 26th, 2016

Any conversation on business competitiveness begins and ends with a discussion on innovation, a practice defined as “the fusion of invention and commercialization” by Ken Morse, founder of MIT’s Entrepreneurship Center and a leader of ESADE’s Open Innovation and Corporate Entrepreneurship programme.

There are three general types of innovation – incremental, radical and open. Of the three, open innovation (OI) appears best-suited for the fierce global competition among firms of all sizes as innovation cycles shorten. Open innovation refers to the practice of looking outside of your organization for ideas and technology to accelerate and improve business solutions. Formally conceptualized by Henry Chesbrough, the methodology is gaining a foothold in entrepreneurially-minded corporations even as it challenges organizational cultures.