Home | Exnovate. Open Innovation. Open Innovation Innovation and entrepreneurship are at the heart of "creative destruction". In his book, Open Innovation, Henry Chesbrough describes a new paradigm of open innovation that is in contrast to the traditional closed model. To understand open innovation, it is worthwhile to review the older model of closed innovation. The Closed Innovation Model Under the concept of innovation that prevailed during most of the 20th century, companies attained competitive advantage by funding large research laboratories that developed technologies that formed the basis of new products that commanded high profit margins that then could be plowed back into research.
Closed Innovation Concept In the above diagram, the red lines represent completed research projects, some of which may have resulted in patents, but that never made it to development. Erosion of the Closed Innovation Paradigm Open Innovation Paradigm Open Innovation Concept Internal Ventures Business Model for Innovation Recommended Reading. Open Services Innovation. Section » Open Services Innovation Open Innovation: Key Competitive Factor for Banks The Crowdsourcing.org website reports that the potential that open innovation yields for banks has been captured in a new study released by GFT, a leading international IT solutions providers to the financial sector.
It’s increasingly important for financial institutions to differentiate themselves with innovative products and services–including Comments Off • Read this story » More Articles The Economics Of Open Source An article on the Tech Crunch website reported that the success of technology companies using open source, and the apparent failure of open source is a head scratcher. Comments Off • Read this story » Henry Chesbrough: The World in 2014 The Economist website posted an article which noted that Cassandra has every reason to fear innovation.
Comments Off • Read this story » Can technology improve business innovation? Comments Off • Read this story » Talking #Open Innovation with Prof. Crowdsourcing and Crowdfunding - The Industry Website. Open Innovation Community. Program in Open Innovation (formerly Center for Open Innovation) Henry Chesbrough | Faculty Directory. Eric Von Hippel's Homepage. Open Innovation Blog - Open Innovation Blog.