Open Innovation: The New Imperative for Creating and Profiting from Technology
In todays information-rich environment, companies can no longer afford to rely entirely on their own ideas to advance their business, nor can they restrict their innovations to a single path to market. As a result, says Harvard Business School professor Henry W. Chesbrough, the traditional model for innovation--which has been largely internally focused, closed off from outside ideas and technologies--is becoming obsolete. Emerging in its place is a new paradigm, open innovation, which strategically leverages internal and external sources of ideas and takes them to market through multiple paths. This path-breaking analysis is based on extensive field research, academic study, and the authors own longtime experience working in Silicon Valley. Through rich descriptions of the innovation processes of Xerox, IBM, Lucent, Intel, Merck, and Millennium, and the many spin-offs that have emerged from these firms, Open Innovation shows how companies can use their business model to identify a more enlightened role for R&D in a world of abundant information, better manage and access intellectual property, advance their current business, and grow their future business. Arguing that companies in all industries must transform the way they commercialize knowledge, Chesbrough convincingly shows how open innovation can unlock the latent economic value in a companys ideas and technologies.
Other editions - View all
ability able activities additional advance approach architecture areas become Bell Labs benefit better build business model capital chapter Closed Innovation companies company's connect continue copier corporate cost create critical customers deal discoveries distribution early effective enable equipment example experience external figure firms funding further future Harvard IBM's ideas important increase industry initial integration Intel internal investments knowledge laboratory Labs later leading licensing logic Lucent managers Millennium million move offering Open Innovation operating opportunity organization paradigm PARC patents portfolio possible potential problems profit programs projects promising received result risk selling semiconductor share shows sources spin-off start-up strategy success tech technical tion United universities value chain venture Xerox