- Research Feature
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The right open innovation strategy can yield performance benefits — but first your company needs to overcome “not-invented-here” and “not-sold-here” attitudes.
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Managers who screen suggestions are busy and have short attention spans, so the ability to be succinct can make or break an idea. They want proposals that are neither skimpy nor turgid. And 250 words is often just right.
With complex products such as automobiles, integration is a key element of performance. That means managers must understand which activities and competencies they can safely outsource and which they need to keep.
Services comprise more than 70% of aggregate gross domestic product and employment in the Organization for Economic Cooperation and Development countries. As a result, both individual companies and entire economies face the challenge of how to innovate in services. One suggestion: Companies should both organize their innovation processes to be more open to external knowledge and ideas and also let more of their ideas and knowledge flow to the outside when not being used internally.
This article explores the process of innovation in 13 global companies. Many of the standard arguments for how to encourage innovation were confirmed, but some surprises were uncovered as well. The article organizes its key insights around five persistent “myths” that continue to haunt the innovation efforts of many companies. The five myths are: (1) The Eureka Moment; (2) Built It and They Will Come; (3) Open Innovation Is the Future; (4) Pay Is Paramount; and, (5) Bottom Up Innovation Is Best.
Best practice in product development (PD) is migrating from local collaboration to global collaboration. Global product development (GPD) represents a transformation for business, and it applies to a range of industries. The objective of this article is to present frameworks that can help companies address strategic and tactical issues when considering GPD. The concepts have been developed through discussions with more than 100 companies in 15 countries in North America, Europe and Asia.
Nurturing a new and lasting idea doesn’t result from analyzing market data. Aspiring creators must act on what nonprofits already know: you get the best answers by burying yourself in the questions. The authors explore the efforts of companies such as Grameen Bank and Hindustan Unilever Ltd., the Indian subsidiary of the Dutch consumer products multinational Unilever N.V. They are engaged in serving the multitrillion-dollar consumer market at the “base of the economic pyramid” or BoP — the four billion people with annual per capita incomes below $1,500.
To understand how breakthroughs in creativity occur, managers must understand how most collaborations work. “Managers first need to understand that invention is essentially a process of recombinant search,” writes Lee Fleming. “That is, I adopt the classic definition of invention as a new combination of components, ideas or processes.” Fleming adds that “Almost all inventions are useless; a few are of moderate value; and only a very, very few are breakthroughs. Those breakthroughs constitute the ‘long tail’ of innovation.”
Advances in development tools have tremendous potential for increasing productivity, cost savings and innovation. To reap the full benefits of such technologies, though, companies need to avoid some common pitfalls.
Smartly placed, legitimizing constraints actually enable innovation by focusing it and giving it traction in the competition for corporate attention and resources.
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