The Three Paths to Open Innovation

By BARRY JARUZELSKI & RICHARD HOLMAN

Presented By- Naval Bhushania

What is Open Innovation?

Use external as well as internal ideas, paths to

market, as the firms look to advance their technology.

Innovating with partners by sharing risk and sharing

reward.

Opening boundaries of the firm- Cross boundary

collaboration.

“The central idea behind open innovation is that, in a

world of widely distributed knowledge, companies

cannot afford to rely entirely on their own research”

Barriers for Open Innovation

Innovation Culture shift v/s R&D Strategy

Isolation between Open Innovation & Company's Current R&D Strategy

Matching your companies efforts to look outside with the capabilities which company already have inside.

Every company has basic steps for generating Ideas-ingrained approach to Innovation

Steps to Open Innovation Open Innovation, like any key capability, keep you one step ahead of the competition

Efforts required in 5 activity area of the company

1) Organization- Involvement of senior level executive to champion Program Need Seekers- Engages current and potential customer

their unarticulated needs, shapes new products and services.

Technology Drivers- by leveraging companies existing technological capabilities in order to solve customer unarticulated needs with radical or incremental innovation.

Market readers- FAST FOLLOWER Monitor Customers and competitors with equal care. “Creating value through incremental change.”

Cont.…

2) External Relationships- Outside partners, universities, other companies or independent investors, share risk & be creative

3) Culture- Collaborative Cross-functional Environment, Free exchange of Ideas across geographies and divisions

4) Process & Tools- communicate frequently and use consistent process like track of new ideas, select the best idea.

5) Incentives- Individual Incentives in order to benefit all

Thank YOU