New guide highlights ways to introduce open innovation
Open Innovation Guide
What have the British-based multinational Unilever, oil firm BP, pharmaceutical giant GSK, and electronics manufacturer Philips got in common?
The answer is they have all embraced Open Innovation (OI) as way of developing new products or accessing new technologies. Now the IfM has produced a new guide to show how other companies can follow in their footsteps.
The report, “How to Implement Open Innovation”, is the result of a two-year study of some of the world’s leading firms. The research team looked at more than 30 major companies from a variety of sectors, including energy, aerospace and defence, software and media, electronics and telecommunications.
It is thought that open Innovation could be a way of improving a firm’s ability to create and capture value, by improving the rate and quality of innovation. Rather than relying on internal resources firms share knowledge and technologies with other companies in a bid to create new commercial opportunities.