- Elgar original reference
Edited by David Rooney, Greg Hearn and Tim Kastelle
Roland Harwood and David Simoes-Brown There has been a lot of interest recently in open innovation, with companies such as Procter and Gamble, LEGO and IBM making it a top strategic priority, but what exactly is it? The term ‘open innovation’ was first coined in 2003 in a book of the same name written by Henry Chesbrough (2003), although the concepts that underpin it have been around for much longer. Whilst the term has been widely adopted, open innovation has remained a marginal business strategy for most large organizations. This is beginning to change due to an emerging consensus around what tools, processes and effective business models are required for effective innovation in an increasingly networked world. For example, a recent survey by Booz and Co. of 1000 companies found that ‘open innovation’ was one of the critical capabilities of leading innovators (Jaruzelski and Dehoff, 2010). In this chapter we therefore argue that open innovation is no longer ‘a great idea waiting to happen’ (Simoes-Brown, 2008), it is now becoming an established and mainstream engine of economic growth. The work we present here rests on our experience working in our open innovation consulting firm, 100%Open, assisting business to engage successfully in open innovation processes. AN ART AND A SCIENCE Our definition of open innovation is simple enough, namely ‘innovating with partners through sharing the risks and rewards’. In this context partners means anyone outside an organization, for instance, customers, suppliers, brands or universities. Generally, business people feel very comfortable with...
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