Open Innovation Management

Description
Open Innovation, also referred to as Outside Innovation, can be an incredible source of Innovation and Growth for an organization. The fundamental idea of Open Innovation is to rely on outsiders for both:

1. A source of ideas
2. A means to commercialize those ideas

Open Innovation promotes the Digital and Information Age mindset toward Innovation that runs counter to the siloed mentality of traditional corporate research labs. Many ventures are purely based on the idea of Open Innovation, such as Wikipedia and the Apple App Store.

In pursuing Open Innovation, there are 3 key considerations to evaluate, which are discussed in this framework presentation:

1. Consideration of Innovation
2. Consideration of Motivation
3. Consideration of Platform Business Model

Although the notion of Open Innovation is compelling, it is difficult manage. Many organizations find great difficult in determining how to open up their Product Development to external entities.

A key foundational question to answer before any steps can be taken around Open Innovation Management is: Should external innovators be organized as a collaborative community or as a competitive market?

Additional topics discussed include Markets vs. Communities, Extrinsic vs. Intrinsic Motivations, Knowledge Accumulation vs. Experimentation, the 3 types of Platform Business Models, among other topics.

This deck also includes slide templates for you to utilize in your own business presentations.