New Work&Place article about how innovation can go awry
Be sure to read in full the new article, submitted by Professor Henry Chesbrough of the Haas School of Business at University of California, Berkeley.
Work&Place has just published a powerful article by University of California-Berkeley Professor Henry Chesbrough describing how “open innovation” can produce powerful results but also introduces new pitfalls and opportunities for failure.
Here is the opening of the article:
Not long ago, innovation was a largely internal affair. The journey from the laboratory to the marketplace took place largely within the four walls of the firm. Think of Bell Labs, IBM Research, or Xerox PARC. Each of them created important technological breakthroughs. And each breakthrough was commercialized through the company’s own businesses.
In recent years, though, this “do it all yourself” approach is increasingly hard to sustain. It costs a lot of money to support each of the many processes needed to achieve success in the market. It takes a long time to complete the journey, at a time when the world is changing more and more rapidly. And it places all the risk squarely on your own shoulders.
This unpromising combination of cost, time, and risk has caused many organizations to rethink their approach to innovation. There is an alternative approach that offers a better combination of lower internal cost, faster time to market, and shared risk. It is an approach known as Open Innovation.
To read the entire article, click on this link:
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Managing Editor, Work&Place