Abstract
“In the pursuit of innovation, global firms try to deploy different strategies for innovation. The universities constitute a very important segment for sourcing innovation and working on pre-competitive technologies which have a long term impact. This research assesses the open innovation approach deployed by firms. It also looks at the approach adopted by Hewlett-Packard to focus on technologies which have a long term impact and developed by an open approach involving technical communities around the globe. It tracks the development of technologies such as D Space and its applications and challenges. It also looks at the strategy towards developing Cloud Computing frameworks. The other initiatives include the implementation of the Innovation Research Program spanning the universities across various countries. The opportunities and challenges associated with the open innovation approach are then suggested based on interaction with over two dozen leading academics and industry practitioners.”
Highlights
Firms are trying to move over to the paradigm of open innovation
“Open innovation is a purposive flow of inflows and outflows of knowledge to respectively, accelerate internal innovation and expand the market for external use of innovation,” (Chesbrough, et al, 2006, pg.1)
There is a huge debate in management literature in the last few years on the scope and implementation of the open innovation approach
Summary
Firms are trying to move over to the paradigm of open innovation. “Open innovation is a purposive flow of inflows and outflows of knowledge to respectively, accelerate internal innovation and expand the market for external use of innovation,” (Chesbrough, et al, 2006, pg.1) (cited in Vrade et al, 2009). There is a huge debate in management literature in the last few years on the scope and implementation of the open innovation approach. Journal of Technology Management for segment but there are evidences in literature of the same being implemented Growing Economies in other segments as well. There are multiple approaches to open innovation: Vol 1 No 1, April 2010 pp.
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