Indeed, so far mainly large firms have experimented with open innovation, however, SMEs could reap important benefits from this approach, too. Open innovation is “the use of purposive inflows and outflows of knowledge to accelerate internal innovation, and expand the markets for external use of innovation, respectively.” That, in essence, is the value of open innovation. "Corporate open innovation is really a mindset within an organization," says Michele McConomy, Senior Vice President and General Manager of Corporate Innovation Services at RocketSpace. In fact, […] Ideation: innovating the product idea & concept. Firms may adopt open innovation for defensive reasons, that is, to manage and reduce costs and “Open innovation presupposes that companies can and should use external ideas as well as internal paths as they seek to move forward in their innovation process. Open Innovation could be an untapped resource for smaller companies. Technology: innovating the product functionality. Open innovation requires a different management approach. When Steve Jobs first envisioned the iPod, it was simply a device that allowed you to put “1000 songs in your pocket.” Open innovation requires a different approach to project management. However, there are actually 10 different types of innovation—and the more types you incorporate, the more successful your innovation is likely to be. 8 Types of Innovation Processes. Sustaining Innovation: This is the type of innovation that Apple excels at, where there is a clearly defined problem and a reasonably good understanding of how to solve it. It is the use of intentional inflows and outflows of knowledge to accelerate internal innovation and expand markets for external use, “the researcher wrote. Marketing & Branding: innovating the customer experience. Entrepreneurship: innovating through entrepreneurial thinking. Many believe it is just these kinds of unlikely combinations that are key to coming up with breakthroughs. More information about open innovation can be found in our previous articles: The Open Innovation Model’s role in Fueling Creativity, and Report: Implementing Open Innovation to Drive Creativity inside Companies. Henry W. Chesbrough is an assistant professor at Harvard Business School in Boston. This type of collaboration can involve close integration, for instance a joint venture, or a looser affiliation such as engagement through an innovation competition. One call funds projects that study how open innovation can be managed and organised in SMEs (link to call). Co-creation: innovating the customer involvement. This post focuses on introducing different types of open innovation by using two observable dimensions: for which purpose is open innovation used for and to whom is it targeted. He can be reached at Most commonly, open innovation is used for gaining a broader perspective on research and development, but it need not be restricted only to that. The Harvard Business Review website noted that when you have a really tough problem, it often helps to expand skill domains beyond specialists in a single field. There are various examples of implementing different types of open innovation … Often when people think of innovation, the first thing that comes to mind is product innovation. Businesses need to let go of the idea of ownership and control of the innovation process and open up to external paths for new technologies, and new sources of innovation. Social Innovation: innovating the corporate culture. His book, “Open Innovation: The New Imperative for creating and Profiting from Technology” (Harvard Business School Press, 2003), provides a detailed description of the open innovation model.
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