Purpose – While the open innovation concept proposed by Henry Chesbrough a decade ago has had some striking successes, the myriad options for engaging external partners can be daunting, so leaders need a guide for getting started that matches the needs of their firm. This paper aims to address this issue. Design/methodology/approach – The paper identifies that innovation processes involve three stages during which the business model elements are conceived and elaborated: idea‐generation, idea‐development, and commercialization. The question for leaders is: “In which of the three stages could your growth efforts benefit from an infusion of external ideas and expertise?” Findings – The open‐innovation approach does not require a company to replace all its current research and development (R&D) efforts. But it does change the primary question leaders should be asking to “How can my company create significantly more value by leveraging external partners to bring many more innovations to market?” Practical implications – The article shows executives how they can systematically assess an innovation process, understand where new venture business models are weakest, and select the points at which open innovation could add some needed spark. Originality/value – The article leads executives through two‐step process for introducing a customized open innovation program: step one, assess where your company's innovation process would benefit from external input by using five key questions; and step two, learn how to manage external relationships.
Strategy & Leadership – Emerald Publishing
Published: Mar 2, 2012
Keywords: Open innovation; External partners; Idea‐generation; Emerging markets; Scouting; Crowd‐sourcing; Idea scouts; In‐house venture funds; Innovation capitalists; Strategic alliances; Licensing agreements and partnerships
It’s your single place to instantly
discover and read the research
that matters to you.
Enjoy affordable access to
over 18 million articles from more than
15,000 peer-reviewed journals.
All for just $49/month
Query the DeepDyve database, plus search all of PubMed and Google Scholar seamlessly
Save any article or search result from DeepDyve, PubMed, and Google Scholar... all in one place.
Get unlimited, online access to over 18 million full-text articles from more than 15,000 scientific journals.
Read from thousands of the leading scholarly journals from SpringerNature, Wiley-Blackwell, Oxford University Press and more.
All the latest content is available, no embargo periods.
“Hi guys, I cannot tell you how much I love this resource. Incredible. I really believe you've hit the nail on the head with this site in regards to solving the research-purchase issue.”Daniel C.
“Whoa! It’s like Spotify but for academic articles.”@Phil_Robichaud
“I must say, @deepdyve is a fabulous solution to the independent researcher's problem of #access to #information.”@deepthiw
“My last article couldn't be possible without the platform @deepdyve that makes journal papers cheaper.”@JoseServera