The other day, I decided to Google (yes, folks, it is a noun and a verb) the term 'Open Innovation.'
What were my results? Nothing short of 159,000,000 mentions (that's 159 million). With the quotes around the term, it was somewhat less at 624,000. By the way, as a comparison, the term 'entrepreneurship' yields 28,300,000 results).
What does this mean? Well, for one thing, it means that there are at least 600,000 mentions of the term Open Innovation. One of the most interesting results on the first page was the link to the Open Innovation Wikipedia article.
There is an interesting comparison table on Open Innovation vs. Closed Innovation in the Wikipedia article.
Closed innovation Principles
- The smart people in our field work for us.
- To profit from R&D, we must discover it, develop it and ship it ourselves.
- If we discover it ourselves, we will get it to market first.
- The company that gets an innovation to market first will win.
- If we create the most and the best ideas in the industry, we will win.
- We should control our innovation process, so that our competitors don't profit from our ideas.
Open Innovation Principles
- Not all the smart people work for us. We need to work with smart people inside and outside our company.
- External R&D can create significant value; internal R&D is needed to claim some portion of that value.
- We don't have to originate the research to profit from it.
- Building a better business model is better than getting to market first.
- If we make the best use of internal and external ideas, we will win.
- We should profit from others' use of our innovation project, and we should buy others' IP whenever it advances our own business model.