The latest newsletter from TechSearch.ie provides a nice summary of the key points from their recent conference on “Innovating the Business Model - Using Open Innovation to grow your business in new directions”, with the keynote speaker being none other than Professor Henry Chesbrough (author of the excellent book “Open Innovation: The New Imperative for Creating and Profiting from Technology“).
The key points are:
- Good ideas are widely distributed. If you accept that not all the smart people work for you, then you can recognise the need to open up the search for useful external ideas.
- Financial Managers must “play poker as well as chess” in that they must not dis-regard the potential value of projects which may fail conventional commercial assessments.
- Consider the need to Connect & Develop (C&D) as well as Research & Develop (R&D). To manage Intellectual Property (IP), we need to access external IP to develop our own businesses and we need to profit from our own IP by putting it into other business models.
- Business Model innovation is just as important as Technological innovation.
- Working in an Open Innovation environment requires an enormous level of trust between partners – it’s critical to maintain and guard this trust.
- By securing Global partnerships, smaller companies can scale globally.
- In terms of evolving new business models, managers need to challenge themselves to “think outside the box”
(source: http://www.inspiration.ie/techsearch/december2007/innovating_business.htm)
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