module 3 - Open Innovation Flashcards
What is the main concept behind open innovation?
Open innovation is the practice of using both internal and external ideas to drive innovation.
What is inbound open innovation?
Inbound open innovation is the process of acquiring and integrating external knowledge, such as through partnerships, acquisitions, or licensing.
What is outbound open innovation?
Outbound open innovation is the process of licensing or selling internally developed technologies or IP to external parties.
What is one key benefit of open innovation?
A key benefit is access to a broader pool of ideas, which can reduce costs and accelerate time to market.
What is a challenge associated with open innovation?
A major challenge is managing external partnerships and integrating external knowledge with internal processes.
How does open innovation differ from the traditional model?
Unlike the traditional model, which relies on internal R&D, open innovation allows organizations to use external ideas and technologies.
What is Procter & Gamble’s open innovation program called?
Procter & Gamble’s open innovation program is called ‘Connect + Develop.’
What are the two primary forms of open innovation?
The two primary forms are inbound open innovation and outbound open innovation.
What role does intellectual property (IP) play in open innovation?
IP management becomes critical in open innovation as firms must protect their own IP while potentially acquiring or sharing external IP.
What is a potential disadvantage of open innovation?
A potential disadvantage is the difficulty of integrating external knowledge with internal processes.
