The value of open innovation
Open innovation by means of accessing resources and co-creating outcomes through partnerships, alliances and collaborative networks is a strategic way forward for growth and competitiveness in an increasingly open and networked digital economy. Open innovation is expanding the innovation potential of organisations by opening them up to new ways of working with external partners. Whether this manifests itself as new co-working agreements, acquisition of start-ups with interesting technologies, or spinning out new developments into external companies the ultimate goal is the same: to increase innovation and realise increased value as a result. Major organisations are increasingly using open innovation to realise value and grow their businesses.
Although the open innovation concept has been around for nearly a decade, not all organisations share the same understanding of the concept. Some organisations focus more on collaboration and sharing of IP and expertise, while others are more concerned with outsourcing innovation to smaller firms or universities. Even among organisations that have a clear understanding of their open innovation strategy, many have found it challenging to put into practice.
Our research seeks to understand how major organisations approach open innovation and what works best for them, identify critical success factors and common pitfalls, and examine the factors that facilitate or impede open innovation.
- What is open innovation, and how do different organisations understand and embrace the concept?
- What are some of the best practices adopted by leading organisations, and are there some approaches to open innovation that work better than others?
- What are the key barriers to open innovation that organisations face?
- How can organisations realise the value of open innovation?
- What should the government and other players in the innovation ecosystem do to enable open innovation work better?
- What are the roles of SMEs and universities in open innovation?
- What are the interlinked effects and consequences between open innovation and business models? What business models best support open innovation?
We are pleased to have launched our first piece of research in this area, co-created with our partners, Realising the value of open innovation.