Open Innovation

In: Business and Management

Submitted By ryangard
Words 360
Pages 2
What is open innovation? What advantages does it bring? How does it contrast with the “closed” innovation model?
In open innovation, the company does not depend on its internal research alone, it commercializes innovation from other firms as well. There is no boundary within which the company works, the workforce is highly mobile and every idea is welcome. Also the market segments are also not isolated, if an innovation caters to the needs of a different segment, the company might still go ahead and commercialize it that is the company will be willing to invest in a different business as well.
In company that follows open innovation model, you can make initially promising idea into a really successful commercial product with a little tweaking whereas in closed innovation these ideas are disposed completely.
The contrast between the two models is that in open innovation the company that commercializes the product doesn’t necessarily discover the original idea. In closed innovation model, the company believes that not sharing the IP will bring in profits whereas in open innovation model sharing the IP and others using their IP is seen as profit making.
What types of innovators are identified by the article? What are their distinctive features?
The article talk about four different types of innovators-innovation explorers, innovation merchants, innovation architects and innovation missionaries. Each types has distinctive features which helps each type make business.
The innovation explorers lead the pack with the discovery of new ideas in the industry previously these were the people who worked in labs basically the researchers. Innovation merchants are also explorers but they focused on a particular technology and work on innovating and commercializing that technology.
The innovation architects work basically on reducing the complexity of any system…...

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