Open Innovation seeks to expand a company’s innovation possibilities by accessing ideas, technologies, products and even routes to market using external partners. Along with the opportunities come plenty of challenges; for example Intellectual Property (IP); the degree to which both partners profit from the alliance; “NIH”; and many others all need to be overcome.
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Is it true that the larger your company, the tougher your innovation challenges become? If so, why should this be? It could be argued that more resources, bigger budgets, stronger technology portfolios and greater market access should make companies more successful at innovation. Larger companies usually have a higher number of smart people. They have processes in place that – at least in theory – should simplify the approach to innovation and make it more efficient.
Innovation in products, services and increasingly business models has endless possibilities. This is not just in what you develop, but also in what you communicate. Clearly innovation and communication to customers should be aligned, with the focus on the product benefits that will be most competitive.
I’ve been involved in a lot of discussions over the last twelve months related to the creation of new business through radical or breakthrough innovation. Some of them have been on collaborative work with the innovative market research agency, BrainJuicer. The essence of the challenge can be summarized as: why can’t large companies create new businesses? Many of the potential reasons were described well by John Kearon, the Chie
Many companies are very proud of their achievements, and usually with good reason. There are very few enterprises that have reached a strong market position with a profitable business through luck alone. Everybody likes to be associated with success, particularly if they really have made a contribution.