Experience is what you get just after you needed it. Or so the saying goes, suggesting that if only you had known beforehand what you learn afterwards, you would have avoided mistakes and achieved a better result. That’s largely true (in my experience!) but it isn’t a blanket statement that’s applicable in all cases.
Recently on the blog
I’ve had a couple of interesting conversations recently focused on the strategic view of innovation using the 3 Horizons framework originally proposed by McKinsey, and the assessment of risk and return from innovation.
Recently I went to the Financial Times’ FTInnovate conference in London. The conference theme was “Big vs small: which one is better?” The conference chair freely admitted that the intention was to provoke debate, not to have a fundamentalist binary position with only one right answer. And there was a lot of good discussion and debate.
“It’s only words, and words are all I have…….” , is a line from the Bee Gees song “Words” from the 1960s that has been covered many times since. Full disclosure here – I don’t have this song in my collection, only in the recesses of my consciousness.
Open Innovation is now widely recognized as a way to enhance options for innovation by accessing external assets. However it can mean many things to many people; from running a crowdsourced idea scheme like Lego Ideas or MyStarbucksIdea, through to large co-branded initiatives like Senseo.
In the middle of this spectrum lie Open Innovation joint development projects. Put simply, these are projects where two or more companies work together to launch a product or service, usually exploited in the market place by one of the partners. But these can take many forms.