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Applying Open Innovation Where Your Company Needs It Most - Assignment Example

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This essay, Applying Open Innovation, discusses that the manner in which open innovation entails managing external partnership has been detailed by providing a broad framework which may help leaders in identifying the type of open innovation which best suits the company. …
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Applying Open Innovation Where Your Company Needs It Most

The article goes on to further mention that innovation processes may be further classified into three main states of idea generation, idea development and commercialization. The manner in which open innovation entails managing external partnership has been detailed by providing a broad framework which may help leaders in identifying the type of open innovation which best suits the company. The article discusses specific proactive measures which must be followed by leaders while taking the path to open innovation. The article further describes the external associations including the manner in which partnering, transactions, acquisition’s benefits and risks and venture partners have to be considered prior to finalizing a decision on an open innovation project. Finally the article briefly mentions about the benefits acquired by firms with successful open innovation. It does mention that the trepidation regarding the protection of the interests of the organization are highly valid and holds good. Despite this, open innovation has helped firms to garner path breaking success. CRITIQUE Applying open innovation where your company needs it most The article on open innovation has provided us valuable insight on the manner in which correct choices should be made by leaders for embarking on the daunting project of open innovation. It has detailed the three main stages of innovation, namely, idea generation, development of idea and commercialization. However, it has failed to mention the criticality of attitudes displayed by management and leadership which may lead to decline in performance despite adapting open innovation in business frameworks. Moreover the term open innovation has just been touched upon by mentioning its proponent. It does not mention the types of open innovation and the conditions required for them to exist. It directly jumps to examine the three steps of innovation. The article again touches on the fact that open innovation is not possible to implement in an environment governed by negative attitudes like “not sold here” or “not invented here”. However, it never describes the significance of positive attitudes in facilitating open innovation. For the management to implement open innovation in their organization, one of the prime prerequisite is to openly engage in successful communication of open innovative plans to the employees, formulate required incentives and create an organizational culture encouraging and supporting open innovation. This will help in facilitating this context by garnering the engagement and attention of employees thereby making open innovative strategies successful. The term open innovation needs to have its people to have an open mind which facilitates creative thinking without any bias whatsoever and accordingly invite external partners to use those innovative processes of a firm which lie unused. This not only helps in optimizing unused notions but also aids in excelling in products and business processes and a plethora of areas where innovative ideas may be adequately utilized. Open innovation is basically a process which helps outsiders to join a particular process to engage in making creative inventions and discoveries. This is usually true ... Read More
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