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Why Now Is the Time for “Open Innovation” - Coggle Diagram
Why Now Is the Time for “Open Innovation”
Companies began to come together to work
Collaboration can produce huge benefits for companies
Companies have used hackathons and other forms of open innovation
Never reach the point of implementation
Open innovation has the potential to widen the space for value creation
Open innovation can help organizations find new ways to solve pressing problems
It can serve as a foundation for future collaboration
Companies are extremely worried about value “leaking” from collaborations with outsiders
They often stick to their knitting and collaborate on a few peripheral tasks, but not on the most important business issues.
Chemical companies in Europe and the U.S. that made it practically impossible for their open innovation partners to provide help and advice.
They wouldn’t reveal what their most critical problems entailed, as that could endanger future patenting
Leverage two-sided motivation
Companies often realize that they rely on voluntary and active participation of employees and partners to succeed
Some developers are motivated to freely share their code
Other developers are driven by strong ethical concerns,
Urgency leads transformation
Companies need to recognize the transformational challenge ahead
Smart companies seize this opportunity to rethink their innovation infrastructure
Innovation can work on a truly grand scale