: Bringing external knowledge, such as customer co-production or academic research, into the company lab.
: Sharing development burdens with collaborators lowers the overall expense of bringing new products to market. Open Innovation The New Imperative for Creating...
: By leveraging existing external research, companies can significantly shorten their time-to-market and avoid "reinventing the wheel". : Rather than using IP solely for defense
: Rather than using IP solely for defense (blocking others), companies use it offensively—licensing out unused internal technology to generate revenue and acquiring external IP to fill gaps. Key Benefits and "Helpful" Strategic Outcomes : Establishing initiatives like Procter & Gamble’s Connect
: Acknowledging that "not all the smart people work for us," companies actively seek ideas and technologies from external partners, including startups, universities, and even competitors.
: Unlike the "closed" model, the Open Innovation model is visualized as a funnel with holes, allowing ideas to flow freely in and out of the organization.
: Establishing initiatives like Procter & Gamble’s Connect + Develop to systematically solicit external innovations.