open innovation

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Business Quandary? Use a Competition to Crowdsource Best Answers

Top data scientists often share three characteristics: they are creative, they are curious and they are competitive. Anthony Goldbloom, CEO of Kaggle, a company that hosts data prediction competitions, has figured out how to tap all three of these characteristics to help companies crowdsource their analytics problems.

Image courtesy of Novartis.

How to Create Productive Partnerships With Universities

University-business collaborations are an increasingly important source of research and development for many companies. Yet despite their importance, many companies take much less care managing these relationships than they do those with their vendors or customers. As a result, business-academic collaborations often fail to achieve as much as they might. By taking a more structured approach, companies can improve the performance of their academic research partnerships.

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How to Network Your Way to New Product Ideas

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What if what you know about the innovation process is wrong? That’s a question Eric von Hippel thinks companies should consider.

Von Hippel, professor of technological innovation at the MIT Sloan School of Management, has spent much of his career doing research that has led him to a radical conclusion: The traditional view of the product innovation process is flawed. In the traditional view, companies get too much credit for product innovation, according to von Hippel — and users get too little.

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Open Innovation and More

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In a recent interview with the website InnovationManagement, open innovation expert Henry Chesbrough discussed his new book, Open Services Innovation, and the importance of service innovation in general:

“We know a lot about how to innovate new products, new processes, and new technologies, but know far less about how to innovate

Image courtesy of Flickr user rishibando.

The 5 Myths of Innovation

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.

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Innovation reading

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Two innovation links of note:

1. The new issue of Deloitte Review features an interview with Eric von Hippel of the MIT Sloan School of Management -- on the state of open innovation. In the interview, von Hippel covers topics ranging from "open hardware" to why companies often resist open, user-led innovation.

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Designing prizes to spur new ideas

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Innovation prizes are “experiencing a resurgence,” writes Jaison G. Morgan in a recent article in the journal Innovations.

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Winners of Cisco’s innovation contest announced

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Cisco yesterday announced the winner of its first global innovation contest, the I-prize. More than 2,500 contestants from more than 100 countries competed for prize money — by submitting ideas that could potentially form new billion-dollar businesses for Cisco.

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Open source…prosthetics?

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First there was open source software. Now, Scientific American reports, there's an open source prosthetics community working on better artificial hands and arms.   The reason? In the United States, the number of amputees missing an arm or hand is too small to justify a lot of commercial research and development.

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Open Innovation by the Numbers

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The idea that drawing on outside contributors for innovation leads to better results has become increasingly popular.

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