Open Innovation

Question 1

What is a closed innovation funnel

Answer 1

• Technology scouting essentially feeds that innovation funnel with ideas and technologies that could lead to an innovation
• Managed through gates/ stages - a panel would decide if the innovation still meets customer demands/ market needs - if yes, it goes to the next stage - otherwise removed
• Stages are: ideation, evaluation, prototyping, testing, implementation
• Wasteful process - wasting ideas and tech scouts are expensive

Question 2

Define open innovation (funnel)

Answer 2

• Got two parts to it
  
  • OUTPUTS: Ideas which aren’t applicable to a company’s goals could be sold to another company where it is applicable or could be licensed or could even create a new market for the original company. Other external venture businesses could even develop it and feed it back in later
  • INPUTS: Begins with internal and external technology bases, external technology insourcing midway through can also be implemented, unsolicited inputs are not taken, can lead to lawsuits, this is why controlled technology scouting is preferred

Question 3

Draw an open innovation funnel

Answer 3

see notion