Session 5: Global open innovation Flashcards
(14 cards)
What is open innovation and why is it important for corporations?
Traditional R&D:
-Relies heavily on internal resources and occasional external partnerships.
Challenge:
-This approach may not be sufficient in a fast-paced, evolving market.
Open Innovation:
-Involves leveraging external collaborations and ideas.
-Aims to revolutionize innovation and drive significant business value.
The model of open innovation in what relies?
Collaborative research among various internal units and external organizations
What is collaborative value creation?
An interactive and collective approach to developing new value prepositions that involve relevant stakeholders, including end-users, intermediaries and suppliers.
What can bring to the corporate organizations co-create with those groups?
Newfound insights and diverse perspectives into their innovation process
What does the current trend imply for multinational corporations (MNCs)?
-It’s becoming harder for MNCs to keep up with new trends.
-To stay competitive, they must tap into ideas and technologies beyond their own boundaries.
How do MNCs implement open innovation in practice?
Sourcing external knowledge:
- Invest in or acquire startups.
- Form alliances with competitors.
- Hire talent from leading firms.
- Create boundary-spanning units (e.g., corporate venture divisions, business development offices).
Partnering with startups:
- Helps MNCs innovate by leveraging their existing strengths.
- Startups explore new ideas and challenge existing beliefs.
- Win-win: MNCs exploit capabilities, startups explore new trends.
What is linear innovation:
- Responding to the evolution of existing markets.
- Fit with existing corporate standards and expectations.
- Rely on existing technologies.
What is Disruptive innovation?
- Leveraging weak signals about a future that is impossible to
predict in the near term. - Leap through breakthrough technologies and business models.
- Managed differently, often through ambidextrous organizations.
What report in 2023 of the open innovation?
-Explore unexpected opportunities through tech.
-Create and experiment with new solutions.
-Optimize internal processes-
What is “Entrepreneurial ecosystems”?
Concentration of interconnected companies, suppliers, service providers, firms in related industries.
What are the 3 characteristics of entrepreneurial ecosystems?
1.- Enhanced knowledge creation thanks to collaborations among member firms.
2.- Critical mass of startups.
3.- Startups build strong partnerships through alumni networks and incubators.
How can global open innovation help address grand societal challenges?
Challenges are complex, uncertain, and involve many actors.
Key approaches:
- Participatory architecture (collaborative solutions).
- Diverse perspectives from different domains.
- Distributed experimentation to test and refine idea
What is “Techfugees”?
Techfugees fosters ethical tech discussions in humanitarian aid through events, research, and open-source platforms for displaced people.
What are the potential issues?
1.- Cultural differences + Global virtual teams (lack of communication and relationships barriers)
2.- Manager resist of accepting ideas from outsiders or other units.
3.- Low risk tolerance in big corporations.
4.- Lack of strategic focus from top management.
5.- Trust and transparency issues.
