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Open Innovation: New Product Development Essentials from the PDMA by Serdar Durmusoglu, Charles Noble, Abbie Griffin

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12 AMERICAN PRODUCTIVITY AND QUALITY CENTER BEST PRACTICES STUDY: USING OPEN INNOVATION TO GENERATE IDEAS

Christopher W. Miller

Innovation Focus

G. Anne Orban

Innovation Focus

Becky Partida

American Productivity and Quality Center

Andrea Stroud

American Productivity and Quality Center

Paige Leavitt

On Behalf of American Productivity and Quality Center*

The practice of Open Innovation has migrated quickly across all economic sectors into manufacturing; service-based industries including insurance, banking, and professional services; and is even starting to be seen in government groups.

12.1 Open Innovation Best Practices Study

Recent advances in technology, competitive landscapes, and social media have presented both drivers and opportunities for open collaboration. From enabling entrepreneurs in developing countries to develop mobile medicine and alternative energy sources, the potential opportunities and their impacts are astounding. As always, companies effectively leading the innovation curve will have a significant competitive advantage.

Open Innovation (OI) requires the right network and the right mechanisms to integrate and expedite vetting new ideas. It is crucial that companies understand the tools, structures, and best practices available today and know how to create value from an OI investment.

In 2012 and 2013, the nonprofit research organization the American Productivity and Quality Center (APQC) examined the practices of successful companies and reported on the ...

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