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February 22, 2023

Would open innovation work for your strategy report company? Do they currently use open innovation in some way? If not, how could they use open innovation?

Chapter 10 of the Mitra book discusses the various forms that innovation can take. One of these is open innovation, which the book describes as innovation “characterised by a dispersed distribution of resources, content, technologies and human capital obtained through networks of organisations.” One of the best examples of open innovation I can think of is Wikipedia. Thousands of people edit Wikipedia every day and all of those edits increase its value and usefulness. What are the benefits to the open innovation model? Clearly not every company can be like Wikipedia, so what are drawbacks of the open innovation model? What other forms can innovation take in companies?

Next think about your strategy report company. It may be difficult to see why any company would choose open innovation for competitive reasons, but in 2014 Tesla open sourced all of their patents in an effort to encourage automakers to develop electric vehicles and reduce the number of gasoline-powered vehicles on the road [1]. Would open innovation work for your strategy report company? Do they currently use open innovation in some way? If not, how could they use open innovation?

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