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· for your company. Benefits of Open

·       
Open innovation
allows your company to extend the
broadness of ideas, opportunities and know how while
minimising and limiting the
technical and market dangers
associated with the innovation and
development.

·       
An open innovation
community can give your company a upper
hand. This is especially important in
challenging financial
times.

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·       
It is a profitable
way to innovate and enhance.
It results in decreased
costs, accelerate time-to-showcase,
increase differentiation in the market and also create new income streams for your company.

Benefits of Open Innovation-

 

The advantages of open innovation projects are widely discussed in
innovation management research and practice (e.g., Man & Duysters, 2005).
Particularly, small and medium-sized enterprises (SMEs) are expected to gain
most from open innovation collaborations due to their inherently limited
capabilities (Lee et al., 2010; van de Vrande 2009).

 

·       
Building a better
business model and superior action plan
is better than getting to market first.

·       
External R&D
can create significant and
critical esteem whereas internal R&D is needed
to claim some part
of that value.

·       
In open
innovation, there is a need to work with smart individuals inside and
outside of the firm.

Principles of Open Innovation-

 

Coined by Berkeley professor Henry Chesbrough,
the term “open innovation” refers to
the collaboration between companies, individuals and public agencies to create
innovative products and services and, in the process, share its risks and
rewards.

 

Randall Rothenberg, President and CEO of the Interactive
Advertising Bureau, believes that building upon knowledge from internal and external
ideas will result in an “ongoing, evolving community of users, doers, and
creators.

 

It is a paradigm
that assumes that firms can and should utilize
outer
ideas as well as internal ideas, and internal and external case to market, as the organization look to advance
their technology.

Open Innovation-

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