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Author: Jeff Venn

Open Innovation is the grounded in the belief that great ideas can come from any source and an organization’s internal expertise will transform those ideas into market value. The challenge comes when an organization chooses to shift from a closed innovation system to an open one. The decision to make this change will not be successful unless it is accompanied by a corresponding adjustment in corporate culture. The Cultural Shift When we discuss a corporation’s culture, we are in essence referring to its personality. It is rooted in shared values, attitudes and traditions that its leaders and employees believe in. As a result, corporate culture directs how its people behave toward each other and those outside the company. For long-term business success, this culture must align with corporate goals, strategies, and vision. Although each company is different, most have a traditional corporate culture that includes the belief that all innovation is internally driven....

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"Open innovation is a paradigm that assumes that firms can and should use external ideas as well as internal ideas, and internal and external paths to market, as the firms look to advance their technology." https://en.wikipedia.org/wiki/Open_innovation   R&D Is No Longer a Barrier to Entry or Strong Strategic Advantage  Traditionally, innovation was a closely guarded secret. R&D teams hid away in secrecy innovating, discovering, and releasing the next generation of products. Think of IBM, Bell Labs, DuPont and other companies where R&D was a valuable strategic asset.   Traditional Companies Are Moving Toward Open Innovation According to the MIT Sloan Management review "Companies are increasingly rethinking the fundamental ways in which they generate ideas and bring them to market — harnessing external ideas while leveraging their in-house R&D outside their current operations." http://sloanreview.mit.edu/article/the-era-of-open-innovation/   Harvesting, managing and sorting through 1,000s of ideas to find the diamonds in the rough is a daunting process.   Large organizations further complicate this process with...

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