Open Innovation propagates sharing and collaboration with external parties. The architect of the term Open Innovation, Henry Chesbrough, describes the following principles as being at the foundation of Open Innovation
- Not all smart people work in-house – need to tap into external knowledge
- External R&D can generate significant value to us
- Research does not need to originate from our internal work to be profitable for us
- A strong business model is more important than first to market
- Internal as well as external ideas are essential to win
- We can capitalise on our own Intellectual Property (IP) and we should buy others’ IP when needed
While the term was initially very much related to IP, it has evolved; A recent valuable resource of literature on open innovation has been composed by VINNOVA, the Swedish Governmental Agency for Innovation Systems. It has been made available on openinnovation.nl
In practice, there are many shapes in which Open Innovation can be manifested. So how about some examples?
