Open innovation will be very important, and very soon. In the near future, the winners will be the firms that are best at scouting, acquiring and commercializing the best ideas, regardless of their source, says Jeffrey Phillips. That's a far cry from where things stand today. Most firms have difficulty managing internal innovation, much less thinking about or shifting to an open innovation model. Here's why you may not be ready for this revolution, and what you should be doing to prepare.
Some of the biggest problems include a stubborn refusal to step back to reconsider the firm’s innovation approach and processes, a bottleneck culture, the lack of a clear, meaningful definition of innovation, a not-invented-here culture, a lack of clear processes or metrics and a lack of preparation for external partners’ high expectations.
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