I am reading The Innovative Leader from Paul Sloane at the moment, who is an author and public speaker on lateral thinking and innovation.I will summarize this extremely valuable book later and highlight my personal favourite parts after finishing it. However I would like to mention the key steps for success in open innovation beforehand:
- Each part should define what it wants to get out of the relationship.
- It must be clear who owns the intellectual property in the partnership.
- Each side should allocate a senior person with overall responsibility for the success of the partnership.
- Key obligations, expectations and milestones should be established early.
- Each party should remember that honesty and trust is built on clear communication - especially when objectives look likely to be missed.
- A good legal contract should be in place.
Since this open innovation issue is becoming more and more important in course of time, I think these key points should be studied extremely well before jumping into this process. It is cleary a beneficial system for companies (i.e. Kimberly Clark reduces the time it takes to bring out new products by 30% through open innovation). However, the biggest drawback would be, creating a competitor from zero, if you do not handle this process smoothly.
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