Open Innovation
“Open innovation is the use of purposive inflows and outflows of knowledge to accelerate internal innovation, and expand the markets for external use of innovation, respectively. This paradigm assumes that firms can and should use external ideas as well as internal ideas, and internal and external paths to market, as they look to advance their technology.” Henry Chesbrough, Open Innovation: Researching a New Paradigm.
Henry Chesbrough coined the term Open Innovation. Open Innovation has spurred from traditional closed door innovation to a more globalized open forum. Today, we have an access to information like never before. The internet allows for companies to share stats and ideas in an instance.
The principals of open innovation, taken from www.openinnovation.eu are as follows:
• Create the best idea in the industry
• External R&D can create significant value
• We do not have to originate the research to profit from it
• Building a better business model is better than getting to the market first
• If we make the best use of internal and external ideas, we will champion
• We should profit from others’ use of our IP, and we should buy others’ IP whenever it advances our business model
To apply open innovation and see how it is working I look towards CDTI, an innovative research and development firm based in Spain. The state of their innovation strategy has led Spain to be the ninth global power in innovation. CDTI states that innovation is one of the basic pillars for achievement and recovering from the current financial crisis. The E2I strategy( an open innovation strategy) aims to boost companies in order to accompany them in a much-needed change in the current manufacturing model and to increase the number of innovatory companies. The strategic pillars of this model are five fold: territorial integration, internalization, markets, financing and of course people. Action will be intensified to encourage greater qualitative impact for the transfer of knowledge to the business world so that research is capable of driving investment. CDTI seeks to encompass all the stakeholders of society, share and spread ideas and work towards developing the most innovative ideas and products on the market. CDTI will allocate 1.25 billion euros for corporate RTD&I initiatives. CDTI analyses the public private partnerships as measure to reinforce industrial research. CDTI understands the importance to encourage research so that the best idea of the industry will be realized. CDTI is an excellent company that not only embraces open innovation but also stands on it as its foundation for research and development in Spain.
Source:
All the suggested readings were looked at in order to guide me towards CDTI
Magazine of Technology Innovation. Year 2010. Issue 36. Publication of the Spanish Center for Development of Industrial Technology (CDTI)
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12 feb 2012
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Lauren Musiello
IMSD /
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