Open innovation: benefits, implementation and costs

Raghavendra, * and Nayak, Santosh and Shanbhag, Parthesh and Rao, Guru Prasad (2015) Open innovation: benefits, implementation and costs. International Journal of Business and Administration Research Review, 2 (11). pp. 208-211. ISSN 2348-0653

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Open innovation (OI) breaks the original closed innovation model of organization and includes suppliers, customers, partners, and other external experts in the process of product, service and even process Innovation. The concept of OI has become a catchword in the recent years – as more and more companies seem to realize that innovation can no longer be restricted to the R&D departments within the company, especially with tremendous competition, fast changing market place and advancement in connectivity. Openness is about companies making use of external brainpower for its product, service and process innovations. This is the only kind of openness which is unique in terms that, a company opens up its ideas and technologies to be used by other companies, even sometimes competitors. Today, we see large companies investing into OI as they realize, based on the observed fact, that useful knowledge today is extensively distributed, and no company, no matter how able or how big, could innovate adequately on its own1 . In this paper we look at the benefits that OI has to offer for companies that are large and small, how some well-known companies have successfully implemented OI to harvest knowledge of experts spread throughout the world and finally, what is the flipside of OI, that were ascertained during Implementation.

Item Type: Article
Uncontrolled Keywords: Innovation, Open Innovation, Cumulative innovation, user innovation, mass innovation, know-how trading,
Subjects: Departments at MU > Commerce
Depositing User: MIM User
Date Deposited: 08 Oct 2015 14:34
Last Modified: 09 Oct 2015 14:12

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