CHAPTER
15
IMPLEMENTING OPEN INNOVATION EFFECTIVELY
Open innovation, or innovating with external partners, has been around for a long time.1 Despite its widespread popularity, the results of open innovation programs are a mixed bag, as companies often struggle to make it work.2 Challenges abound, from protecting intellectual property, to selecting the right external partners, to investing the required time and money to bring innovation back in-house. Yet research shows that open innovation practices have been accelerating over the past few years.3 Why? Digital technologies have made it significantly easier for organizations to tap external innovation sources and acquire the capabilities to compete in a rapidly changing world. However, balancing ...
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