Good Practices in Open Innovation

Abstract

OVERVIEW:Open innovation (OI) has become a mainstream organizational process. Firms are establishing OI groups, allocating budgets, and measuring results. In this article, we identify twelve “good practices” associated with high quality open innovation efforts. In our experience, these practices are key inputs to the firm's OI system, leading to high quality results when effectively executed. The goal of this article is to help management build the practices into their OI system and make continuous improvements in their OI processes.