Handbook on the Knowledge Economy, Volume Two
Show Less

Handbook on the Knowledge Economy, Volume Two

  • Elgar original reference

Edited by David Rooney, Greg Hearn and Tim Kastelle

Readers with interests in managing knowledge- and innovation-intensive businesses and those who are seeking new insights about how knowledge economies work will find this book an invaluable reference tool. Chapters deal with issues such as open innovation, wellbeing, and digital work that managers and policymakers are increasingly asked to respond to. Contributors to the Handbook are globally recognised experts in their fields providing valuable guidance.
Buy Book in Print
Show Summary Details

Chapter 10: Open Innovation: From Marginal to Mainstream

Roland Harwood and David Simoes-Brown

Extract

10 Open innovation: from marginal to mainstream 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....

You are not authenticated to view the full text of this chapter or article.

Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.

Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.

Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.


Further information

or login to access all content.