Create Competitive Advantage with Innovation (Collection)

3. A New Innovation Framework

“The boundaries between the firm and its environment have become more permeable.”

—Wikipedia on Open Innovation

Overview

Current employment strategies usually rely on some rational compromise between hiring people with skills that are needed immediately and hiring people with skills that will likely be needed in the future. A more open approach to innovation promises access to “smart people” that are outside of your organization. But most strategies fall far short of effectively tapping that external crowd. A new framework for innovation should position leaders to understand both why and how to extract value external to their organization. A framework will be posited in lieu of the traditional innovation approach ...