New Report Sheds Light on How to Realize the Value of Open Innovation

A new report from The Big Innovation Centre in London draws on multiple case histories to draw some conclusions on the barriers open innovation faces in organizations, and the types of strategies that are likely to be successful in overcoming them.

Some of the challenges cited in implementing open innovation include overcoming cultural barriers, deciding on the correct mix of open and closed innovation, and playing effectively in a larger ecosystem of companies, where diverse partners may have different tolerances for risk, understanding of IP issues and levels of knowledge of open innovation practices.

Among the open innovation strategies the report recommends are to foster a culture and attitude where open innovation is always actively considered as an option for new knowledge, and the onus is on those who wish to remain closed to make their case; to increase the “absorptive capacity” of individuals involved in open innovation (enabling them to see opportunities for it more readily and making it core capability of innovation teams); and for businesses to look at their relationships in a more holistic way, seeking to serve as both an orchestrator and facilitator of them.

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