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Realising the Value of Open Innovation

Technology, innovation

Open Innovation is expanding the innovation potential of organisations by opening them up to new ways of working with external partners. Whether this manifests itself as new co-working agreements, acquisition of start-ups with interesting technologies, or spinning out new developments into external companies the ultimate goal is the same: to increase innovation and realise increased value as a result. Major corporations are increasingly using Open Innovation to realise value and grow their businesses.

This report draws on case studies of the corporate partners of the Big Innovation Centre to examine their current practices, open innovation ‘journey’ and the challenges they have faced in developing Open Innovation. It concludes that corporations need to focus squarely on setting their cultural ‘default’ to automatically consider being open for each new innovation activity – rather than only exceptionally, as is currently often the case. They also need to focus first on getting individuals to realise the potential value of Open Innovation, so that they can then put in place practices that realise its actual value, and to increase their ‘absorptive capacity’ by actively play an ‘orchestrating’ role within their innovation ecosystems of corporate, academic, and SME and consumer partners.

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