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Open innovation: Past, Present and Future Aspects

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Open innovation: Past, Present and Future Aspects

  1. 1. Dimitrios G. Salampasis Doctoral Researcher Luxembourg Institute of Science and Technology, Grand Duchy of Luxembourg Lappeenranta University of Technology, Finland Guest Lecture, June 15th 2015 Chair of Management and Digital Markets Faculty of Business, Economic and Social Sciences Universität Hamburg
  2. 2. AgendaAgenda  A brief background on open innovation  Real examples of companies from different industries adopting open innovation practices  Insights on the organizational readiness for open innovation and the human aspect of open innovation based on my own research in academia and consulting  Future aspects of open innovation  Final take-aways  Q&A
  3. 3. The world today ...The world today ...  A shift in the locus of economic activity into emerging markets Growth has moved elsewhere-to Asia, Latin America, the Middle East Josef Ackermann, Former CEO Deutsche Bank  Unprecedented speed of technological change The furious pace of technological adoption and innovation is shortening the life cycle of companies and forcing executives to make decisions and commit resources much more quickly Dobbs, Manyika and Woetzel, 2015, McKinsey Global Institute  Aging population and failing fertility rates  Global connectivity through the unlimited mobility of trade, people, capital and information in the realms of a a complex, multifaceted, diverse and complicated world
  4. 4. Innovation distinguishes a leader from his/her followers
  5. 5. Business Model Innovation Product and Service Innovation Process Innovation Technology Innovation Four levels ofFour levels of innovationinnovation
  6. 6. Typical/Routine R&D andTypical/Routine R&D and commercialization processcommercialization process R In-house Scientists Developing Technologies D In-house Business People Selecting Technologies C In-house Business People Commercializing Technologies
  7. 7. It is unlikely that the best (or even very good ideas) are all located in one organization, and even with an idea in hand, should one organization really manage all of the technical and market risk associated with commecializing technologies? Raul Chao, June, 5th 2012, Forbes
  8. 8. No matter who you are, most of the smartest people work for someone else Look Outside your Firm's Walls to Innovate
  9. 9. Let the Outside in ... ... and bring the Inside out
  10. 10. Internal Knowledge Your Industry Domain The World’s Knowledge What you know
  11. 11. Where you see problems …Where you see problems … …… others see solutionsothers see solutions
  12. 12. The latest management buzzword (Hagel and Brown, 2008) A strategic business imperative for non-linear growth: The Holy Grail for executives today (Soni, 2008) A mechanism to access sources of inspiration and innovation-and create new sources of value from outside the organization (Tuff and Jonash, 2009) Open Innovation is considered as …Open Innovation is considered as …
  13. 13. Open innovation is the alternative that allows big businesses to work with each other, start-up companies, and academia to create truly fundamental innovations to the challenges they face. Open innovation ecosystems allow these parties to pool their strengths, budgets and practices together to invent new solutions to the challenge of creating ground-breaking, inspirational technology. Professor Eugene A. Fitzgerald May 17th , 2015, The Telegraph
  14. 14. Universities Students Customers- users Start-ups CompetitorsSuppliers Government Research Institutions Competitors Challenges Focus Groups Research Web Collaboration Ideas Forecast Co- development Trends Company Tapping into an almost unlimited number of external sources
  15. 15. Levels ofLevels of CollaborationCollaboration Internal Collaboration Existing Network Collaboration Global Innovation Community Collaboration Source: 2013 Collaborative and Open Innovation Survey Report, NineSigma, p.5
  16. 16. Defining Open Innovation: AnDefining Open Innovation: An evolutionary approachevolutionary approach Chesbrough, 2003, p.43 • Open innovation means that valuable ideas can come from inside or outside the company and can go to market from inside or outside the company as well. This approach places external ideas and external paths to market on the same level of importance as that reserved for internal ideas and paths Chesbrough, 2006, p.1 • 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 Chesbrough and Bogers, 2014 • We define open innovation as a distributed innovation process based on purposively managed knowledge flows across organizational boundaries, using pecuniary and non-pecuniary mechanisms in line with the organization’s business model
  17. 17. The Open InnovationThe Open Innovation ParadigmParadigm Source: Frost & Sullivan - Research projects The closed paradigm The open innovation paradigm
  18. 18. Why a shift towards open innovation?Why a shift towards open innovation? • The world faces social, environmental and financial challenges of unprecedented magnitude and complexity. No one actor can resolve these issues single-handedly (McLaughlin and McMillon, 2015, p.3) • Globalization: increasing competition and compelity, less control and predictability, generation of unexpected volatility, explosion of diversity and challenge, creation of unmatched opportunities • Advent of information technologies and global connectiveness • Changes in markets and customers: increasingly educated, sophistication of needs, accrued awareness, P2P information exchange, user communities, communities of practice, active customers • Product and service complexity • Industry convergence: “the blurring of technical and regulatory boundaries between sectors of the economy„ (OECD, 1992). Sectors characterised by technology fusion, globalization, and technology intensity (Huizingh, 2010) • Increasing tradability of intellectual property rights • Growth in private venture capital (Herzog, 2008)
  19. 19. Is open innovation reallyIs open innovation really new?new?
  20. 20.  User innovation  Co-development  Innovation Tournaments- Contests  Lead user methodologies  User co-creation  Crowdsourcing  Innovation Ecosystems  Short-term non-equity alliances  Crowdfunding  Platform innovation models  Collaborative Innovation  Distributed Innovation  Bilateral Collaboration  Joint R&D Agreements  Cumulative Innovation  Know-How Trading  Mass Innovation  Mass Customization  Supplier Innovation  Early Supplier Involvement  Open Source  User-centered innovation  Customer Integration  Democratized Innovation  Structural Innovation  Embedded Innovation  Out-licensing  Cross-licencing  In-licensing Overlapping terminologies to describe a trend towards more open business models and a closer collaboration with customers
  21. 21. Closed vs Open InnovationClosed vs Open Innovation Adapted from Chesbrough, 2003, The Era of Open Innovation, MIT Sloan Management Review Closed Innovation Open Innovation The smart people in our field work for us Not all smart people work for us. We need to work with smart people inside and outside the company To profit from R&D, we must discover it, develop it and ship it ourselves External R&D can create significant value. Internal R&D is needed to claim some portion of that value The company that gets innovation to market first will win Building a better business model is more important than getting to market first If we create the most and the best ideas in the industry, we will win If we make the best use of internal and external ideas, we will win We should control our IP, so that our competitors cannot profit from it We should profit from other’s use of our IP (license-out) and we should license in other’s IP whenever it advances our business model We will own all results from contract research with universities We will partner with universities to create knowledge and encourage use outside our field
  22. 22. Open Innovation: Understanding theOpen Innovation: Understanding the functionalityfunctionality Source: Chesbrough, H. (2006). Open Business Models: How to Thrive in the New Innovation Landscape, Harvard Business School Press.
  23. 23. Organizations accepting the outside must deal with the not invented here syndrome that persists in many companies, as well as, the expectations of the external submitters Von Dyck and Harris, 2015, p.1 BNA’s Patent, Trademark and Copyright Journal
  24. 24. Open Innovation: Process TrajectoryOpen Innovation: Process Trajectory Obtaining, evaluating, selecting, applyying
  25. 25. Decoupling the locus of innovation process-Decoupling the locus of innovation process- Three archetypes of open innovationThree archetypes of open innovation processesprocesses Source: Gassmann and Enkel, 2004, p.6
  26. 26. Open Innovation types and mechanismsOpen Innovation types and mechanisms Open Innovation Type Description Mechanisms Outside-in (Inbound) Pecuniary inbound [Acquiring] Non-pecuniary inbound [Sourcing] Involves opening up the company’s own innovation processes to many kinds of external inputs and contributions • In-licencing intellectual property • Scouting • Crowdsourcing • Intermediaries • Competitions and tournaments • Communities Inside-out (Outbound) Pecuniary outbound [Selling] Non-pecuniary outbound [Revealing] Involves allowing unused and under-utilized ideas and assets to go outside the organization for others to use in their businesses and business models • Out-licencing intellectual property and technology • Donating intellectual property and technology • Spin-offs • Corporate venture capital • Corporate incubators Coupled Bi-directional Interactive collaboration in form of joint production Involves combining purposive inflows and outflows of knowledge to collaboratively develop and/or commercialize an innovative • Strategic alliances • Joint ventures • Consortia • Networks • Ecosystems • Innovation platforms
  27. 27. Levels of AnalysisLevels of Analysis Levels of Analysis Possible Research Object Intraorganizational • Individual • Group/Team • Project • Functional Area • Business Unit Organizational • Firm • Other (non-firm) organization • Strategy • Business Model Extra-organizational External stakeholders: individual, community, organization Industry • Industry development • Inter-industry differences Regional Innovation Systems • Local region • Nation • Supra- national institution Society • Citizens • Public Policy
  28. 28. The value of open innovationThe value of open innovation  Shorter time to market with less costs and risk  More innovations over the long run  Increased quality of products and services  Exploitation of new market opprtunities  More flexibility  Improved absrorptive capacity and innovation processes  Monetized spillovers  Firms can push the technological frontier outward more quickly  Complementary non-core business expertise in the realms of commercialization  Empowerment of connectivity  Generation of opportunities  Non-commercial actors can leverage new engagement opportunities
  29. 29. Does open innovationDoes open innovation happen in reality?happen in reality?
  30. 30. Companies actively leveraging OpenCompanies actively leveraging Open InnovationInnovation
  31. 31. Online creativity contests to inspire innovation among customers Catalyst fund New ways for developing nations to access clean water Development funding – multidisciplinary teams of employees, facilitators, mentors Experimentation as a service Fintech startups- Silicon Valley Mentoring Program for startups Approximately 130 of every 10.000 patents filed are done with an academic institution
  32. 32. Leveraging Open Innovation to build the ‘Bank of Tomorrow “Both physical and digital, combining the best of both worlds, meaning…new forms of interactivity facilitated by social networks, new services around mobility, digital transformation, and simplification of processes. For BNP Paribas, being innovative means anticipating changes that are affecting our clients and transforming these changes into opportunities.” Trista Bridges, April 30th 2015, Rude Baguette Wipro to open innovation lab in Silicon Valley The firm is seeking to build products on automation, artificial intelligence tech in partnership with innovative start-ups Varun Sood, May 17th , 2015, Livemint
  33. 33. Formed an “open innovation” program to support academic research that holds promise of new therapeutic drugs The collaboration will help foster medical innovation by bringing together complementary skills. This initiative is another important step in the new era of medical discovery via open innovation and public-private collaboration. UniQuest is delighted to be partnering with AstraZeneca in this exciting approach towards the development of new treatments for patients and the advancement of medical science in Australia. Dr. Dean Moss, CEO, UniQuest By giving globally leading academic research institutions such as UQ access to our compounds and expertise, we are opening doors to unexplored areas of pre-clinical and clinical research to help find the next generation of medical breakthroughs Dr Ajay Gautam, AstraZeneca’s Executive Director Scientific Partnering and Alliances for Asia Pacific and Emerging Markets
  34. 34. Open Innovation Space for Financial Technology Startups Partnerships and innovation are the key to building the bank of the future, which is why we are excited about the opportunity to further our commitment to innovation with MaRS. The opportunity to have our team work alongside top design talent and entrepreneurs in a collaborative environment will further our leadership in developing the innovations that will change the way Canadians bank. Aayaz Pira, Vice President, Digital Channels, CIBC Techvibes NewsDesk, April 24th , 2015 MaRS is committed to building bridges between corporations and best-in-class entrepreneurs. Having just launched our new FinTech cluster, we are thrilled to have CIBC as founding partner of MaRS’ corporate innovation hub. Salim Teja, EVP, Venture Services, MaRS Techvibes NewsDesk, April 24th , 2015
  35. 35. Airbus Group to open innovation centre in Silicon Valley Airbus Group announced the creation of a $150 million venture capital fund and said it had hired a Google executive to run a new centre in Silicon Valley as it seeks to wave a digital wand over its heavy-manufacturing culture. The plane maker said that Airbus Group Ventures would invest in "disruptive and innovative" technologies worldwide. The aerospace industry must work more closely with high-tech companies -- some of which, like Google, are encroaching on its turf through drone projects Tom Enders, CEO, Airbus Group Reuters, May 30th , 2015
  36. 36. Fiat Mio, the World's FirstFiat Mio, the World's First Crowdsourced CarCrowdsourced Car • More than 17,000 participants worldwide • More than 11,000 ideas submitted • Users were stimulated to think in broad terms about traffic and life on-board A compact and agile car, comfortable and safe with innovative traffic solutions for big cities, a pollutant- free engine and the capacity to receive personalized updates, and changes in configuration, and having interface between car and user
  37. 37. Peugeot’s design contestPeugeot’s design contest
  38. 38. NASA is turning to the public and crowdsourcing for outside-the-box thinking about human space exploration challenges with a series of 10 new NASA Open Innovation Service (NOIS) Contracts. The total value of all contracts combined is $20 million over five years.
  39. 39. Lego: Accelerating product innovationLego: Accelerating product innovation
  40. 40. A digital-only account that lets customers park their money in as many as five currencies and make domestic and international transfers and foreign currency exchange IdeaStorm-Ideas and Insights Companies buy and sell licences for the usage of technologies and patents Food and beverages-improvement of products and services based on customer experience Offered up its fuel cell patent portfolio to unlicensed use Focused on hydrogen-storage materials for automotive applications collaboration with University of Michigan Dominating as a component innovator in the automotive accessory space
  41. 41. Some Open Innovation initiatives whichSome Open Innovation initiatives which could be considered as failurescould be considered as failures Boeing 787 Dreamliner LEGO Universe Crowdsourcing failures
  42. 42. Key Factors for Successful OpenKey Factors for Successful Open InnovationInnovation
  43. 43. Are organizations really ready to becomeAre organizations really ready to become open?open?
  44. 44. “Rome, …, wasn't built in a day. Likewise, open innovation is not something you can achieve overnight. It is not a single event, but a process and a culture that must grow over time. Open innovation won't just happen. It takes work, commitment and patience to cultivate an effective program. It is a major initiative requiring focus, investment and time.” Kevin Stark, Director Technology Solutions, NineSigma Industry Week, October 12th 2011
  45. 45. Organizational ReadinessOrganizational Readiness “In every organization that I’ve worked with, open innovation does not come easily. There are tremendous internal barriers to doing it well. Some of those barriers are cultural in nature; some, I think reflect the logic of the reward systems that companies have in place. And if the company wants to embrace open innovation and some people actually start the process, there are a lot of things that they don’t realize until they get into it”. Prof. Henry Chesbrough The Thought Leader Interview: Henry Chesbrough by Rob Norton, Strategy + Business, Issue 63, Summer, 2011, p.63 “Open innovation works best when you have people collaborating side by side, with people that are moving from one organization to another” Prof. Henry Chesbrough At the Court of KING HENRY by Scott Wilson, Deloitte Review, Issue 10, 2012, p.45 52
  46. 46. We took down all the walls of the offices and created agile pods. They’re teams of six to eight people, business and IT, sitting together and collaborating as a team and empowered as a team … Innovation will certainly happen there; more innovation there than anywhere else ... There are hundrends of white boards, it’s a very high-energy place to work and teaching everybody how to work in this new method is underway and maybe a third done … More than 100 people have already started working in this new format. We are trying to create collaboration inside a bank … Jeff Dennes, BBVA Chief Digital Banking Officer in Crosman, May 18th , 2015, American Banker Software Development Center The Innovation Depot is taking all that collaboration and digital transformation we’re doing out of the development center and opening it up into the community … We want to look at things that simplify the customer experience, new concepts in payments. We also look at things in and out of the financial industry … It’s rare for a bank to give outsiders access to its internal software … We’re also sitting down with the start-ups, understanding their business models and figuring out how fast the bank can collaborate on their technology … We are building technology from within the community rather than from the outside … Chad Ballard, BBVA Director of Mobility and New Business Technologies in Crosman, May 18th , 2015, American Banker Innovation Prototyping
  47. 47. Organizational Readiness-Start withOrganizational Readiness-Start with WhyWhy  Adopting open innovation practices that can have a lasting impact requires going beyond doing one single thing  Improving the open innovation capabilities within an organization is a system-level issue that requires a consistent and coherent set of organizational interventions and changes (Anthony et al., 2015)  Why does an organization adopt open innovation practices and what kind of problems these practices will address and tackle?  Organizational change  Resource availability  Human capital  Timeline for impact  Organizational behavior, culture and psychology 54
  48. 48. Corporate IdentityCorporate Identity Corporate identity is what drives your entire organization to perform, what makes hiring top talent easier and what gives you the framework by which to operate the company Leinwand and Mainardi, 2014, Harvard Business Review Value proposition Capabilities system for value generation and creation Sets of products and services To create a better everyday life by offering a wide range of well-designed, functional home furnished products at prices so low that as many people as possible we be able to afford them 55 Committed to bringing the best user experience to its customers through its innovative hardware, software and services
  49. 49. Source: Salampasis et al., 2014 Academy of Management Meeting Trust-Embedded Open Innovation
  50. 50. Absorptive Capacity (Cohen & Levinthal, 1990) Connective capacity (Lichtenthaler, 2009) Knowledge Transfer & Knowledge Exchange (Wang & Noe, 2010) Combinative Capabilities (Kogut & Zander, 1992) Planned Flexibility (Verganti, 1999) Dynamic Capabilities (Teece et al., 1997) Exploration & Exploitation (Birkinsahw & Gibson, 2004 (a+b) Common Identity (O’ Reilly & Tushman, 2011) Cultural Metacognition (Chua et al., 2012) Global Dexterity (Molinsky, 2013 (a+b) Etic & Emic trust (Zaheer & Zaheer, 2006) Emotional Intelligence & Transparency (Harvey et al., 2012) Equality & Fairness (Thomas & Ely, 1996) Learning & effectiveness (Thomas & Ely, 1996) Organizational internalization of differences (Thomas & Ely, 1996) Ambidextrous Thinking Collaborative Culture Diversity ManagementKnowledge Sharing Attitude Organizational and Human Drivers for Open Innovation Source: Salampasis et al., 2014, Academy of Management Meeting
  51. 51. Coordination Capabilities (Jansen et al., 2005) Systems Capabilities (Jansen et al., 2005) Socialization Capabilities (Jansen et al., 2005) Combinative Capabilities (Jansen et al., 2005) Planned Flexibility (Verganti, 1999) Strategic Behavior Pursuing , Defender, Prospector, Analyzer, Reactor (Miles et al., 1978) Adaption Oriented & Alignment Oriented Mindset (Birkinshaw & Gibson, 2004) Initiative seeker, alert to opportunities, cooperative, broker, multitasker, comfortable wearing more than one hat (Birkinshaw & Gibson, 2004) Cultural Metacognition Self awareness, aware of working assumption, affect & cognition based trust, Understanding cultural preconceptions (Chua et al., 2012) Global Dexterity Authentic, Adjustment oriented, Ready to break the comfort zone, Forgiving (Molinsky, 2013) Emotional Intelligence & Transparency (Harvey et al., 2012) Equality & Fairness (Thomas & Ely, 1996) Organizational internalization of differences (Thomas & Ely, 1996) Changing roles (Cunningham & Hyman, 1995, 1997; Hales 1986, 2005) Discretionary behaviour (Purcell & Hutchinson, 2007) Giving value to the human, empathy, indulgence, honesty, disinterestedness, universality, amity, team spirit, patience, courage (Polat, 2012) Organizational and Human Innovation Capabilities Ambidextrous Thinking Collaborative Culture Diversity ManagementKnowledge Sharing Attitude Source: Salampasis et al., 2014, Academy of Management Meeting
  52. 52. Organizational ReadinessOrganizational Readiness 59 Source: Salampasis et al., 2015, p.8, 2015 R&D Management Conference
  53. 53. 60 Finding the right people to join an open innovation team can be a real challenge ...
  54. 54. Open InnovationOpen Innovation LeaderLeader 61
  55. 55. Open InnovationOpen Innovation LeaderLeader 62
  56. 56. Global Open Innovation LeaderGlobal Open Innovation Leader 63 • Understanding the interconnectivity and interdependence between the local and global sphere • Understanding the impact worldwide problems have on a local level • Showing appreciation of people from culturally diverse backgrounds • Understanding and appreciating people from other cultures • Focusing on awareness and understanding of cultural issues so as to expand and remain competitive • Ability to foster and promote the design products and services that appeal to a culturally diverse, global audience
  57. 57. 64 Agrarian Economy Industrial Econony Knowledge Economy Human Economy Towards a Human EconomyTowards a Human Economy
  58. 58. Human Side of Open InnovationHuman Side of Open Innovation “The set of voluntary and involuntary processes that institutionalize individual knowledge, motivations, behavioural norms, attitudes, skills, incentives and values towards the formation of a collective panorama of organizational culture, behaviour, cognition, capabilities and ethos, all engulfed within an open, transparent and trustworthy corporate environment”. Salampasis, 2015, p.90, PhD Dissertation, LUT •“Democratic value scheme” (Baumgartel, 1960, p.467) •“Inner layers of the personality” on the organizational level (Heller, 1961, p.495) •“Develop ´power-with´ instead of ´power-over´ and ´co-action´ to replace consent and coercion” (Wren, 1994, p.260) •Humans will always be the source of enduring advantage. The companies that succeed best will be those that focus on the humanity of work and capitalize on what humans can uniquely do (Seidman, 2014, Harvard Business Review)
  59. 59. 66 People and Organizations at aPeople and Organizations at a crossroadscrossroads Direct results always come first. In the care and feeding of an organization they play the role calories play in the nutrition of the human body. But any organization also needs a commitment to values and their constant reaffirmation, as a human body needs vitamins and minerals. There has to be something this organization stands for or else it degenerates into disorganization, confusion and paralysis. Peter Drucker, The Effective Executive
  60. 60. 67 People and Organizations at aPeople and Organizations at a crossroadscrossroads Source: Salampasis, 2015, p.86, PhD Dissertation, LUT
  61. 61. My view of OpenMy view of Open InnovationInnovation The open innovation paradigm is an organizational state of mind and the ultimate mechanism for mixing and transferring of cultures, ideas, people, skills and behaviours complementary to the widening and reordering of existing and new knowledge, both within and beyond the traditional organizational zone. Salampasis, 2015, p.18, PhD Dissertation, LUT
  62. 62. The meaning of open innovationThe meaning of open innovation Open innovation is meaningful for organizations that wish to extend their greatest strengths step-by-step and not for the ones which simply wish to explore unknown pathways too fast Internalizing a unique portfolio of new capabilities Adopting open innovation practices does not mean •Pursuing a multitude of generally disconnected growth avenues and organizational changes •Lacking focus •No ability to define what the company is really about
  63. 63.  Measuring open innovation  Impact of appropriability  Theoretical foundations/linking to theories of management, organization and economics  Unit of analysis-moving beyond the dyadic narrative  Non-pecuniary motivations and incentives  Training for open innovation  Open innovation for functions beyond R&D e.g. HRM, procurement  Managerial aspects of organizing for open innovation  Open Innovation Leader job description + profile Emerging themes for future researchEmerging themes for future research
  64. 64. Do not forget!Do not forget!  Open Innovation is not only open and free access to own technologies but is about the establishment and development of a strategic Intellectual Property Rights Management  Open Innovation is not about outsources R&D but about strategic R&D  Open Innovation does not deal only with the sphere of technology but captures both technology and business model innovation  Open Innovation is not about technical inventions but about finding ways to commercialize innovations  Open innovation is not about value appropriation but about establishing win-win sustainable partnerships  Open innovation is not about the creation of new ventures but about the initiation of a core product and service development process  Open innovation does not only aim at building partnerships but innovation ecosystems  Open innovation does not entail budgetary cuts on research costs but aims at improving R&D Return on Investment
  65. 65. Do not forget!Do not forget!  Open innovation is not cheap and does not aim at a short- term financial benefit  Open innovation is not about reformulating, not inventing, products  Open innovation does not offer a shortcut to success. It can shorten the open innovation process trajectory but it continues to require the right people, culture, challenges, and processes  Open innovation does not encourage first entry into the market but facilitates and presents more options for commercialization  Open innovation is not about re-inventing in-house R&D for short-term financial performance
  66. 66. 73 Things to keep in mind …Things to keep in mind …  Open innovation is a highly complex phenomenon crystalizing many different interrelated disciplines and elements  Open Innovation is not a monolithic practice  The full potential of Open Innovation can only be leveraged by those companies that are willing to innovate their business model  Open innovation puts forward a non-linear, dynamic and interactive nature of the innovation process  Open innovation is meaningful in human organizations where trust is perceived as a catalyst and enabler
  67. 67. 74 Things to keep in mind …Things to keep in mind … Open innovation is a contested concept that inevitably involves endless disputes about its proper uses on the part of its users (Coller et al., 2006). The Open Innovation paradigm should not be considered as a panacea Open innovation requires discipline Open innovation requires substantial organizational transformation and strategic changes Open innovation needs to be cultivated within an organization embracing vision and willingness to creatively collaborate, co-create value, elevate its competitive advantage, differentiate, avoid the commodity trap and become more human
  68. 68. 75 Thank you very much for your kind attention Dimitrios G. Salampasis dsalampasis

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