The Resource Using open innovation to identify the best ideas, by Andrew King and Karim R. Lakhani

Using open innovation to identify the best ideas, by Andrew King and Karim R. Lakhani

Label
Using open innovation to identify the best ideas
Title
Using open innovation to identify the best ideas
Statement of responsibility
by Andrew King and Karim R. Lakhani
Creator
Contributor
Author
Subject
Genre
Language
eng
Summary
As innovation becomes more democratic, many of the best ideas for new products and services no longer originate in well-financed corporate and government laboratories. How can companies tap into distributed knowledge and diverse skills? Increasingly, organizations are considering using an open-innovation process, but many are finding that making open innovation work can be more complicated than it looks. The authors' research suggests that executives in numerous industries face the same fundamental decisions when exploring open innovation: (1) whether to open the idea-generation process, (2) whether to open the idea-selection process or (3) whether to open both. The key to success, the authors argue, is careful consideration of what to open, how to open it and how to manage the new problems created by the openness. Although the authors found that many managers were fearful about venturing into an entirely new type of innovation process, they maintain that open innovation is rooted in classic innovation principles such as idea generation and selection. The first benefit of open innovation is the number of ideas that become available. Statistically, the more ideas generated, the better the quality of the best one is likely to be. A second, lesser-known advantage of open innovation is that the value of the best idea generally increases with the variability of the ideas received. There are advantages to casting the net widely enough to access ideas of diverse quality: The quality of the average idea may fall, but the best idea is more likely to be spectacular. While managers are often apprehensive about idea creation through open innovation, many are completely unfamiliar with the possibilities offered by opening idea selection. They assume that only company employees can make good choices about which ideas are best. Yet the authors found that outsiders provide distinctive expertise and perspectives, which enable companies to pick winning ideas and generate significant value. This is particularly true with products that can be used in many ways, or when fashions or requirements change quickly. A potential problem in open innovation, the authors point out, relates to how companies contract with idea generators. A second challenge in managing open innovation is caused by a shift in who bears the cost (and risk) of idea generation. With open innovation, the company pays for a design only after it has been completed. This means that the idea gene..
Member of
Is part of
Cataloging source
UMI
http://library.link/vocab/creatorName
King, Andrew
Dewey number
658.4063
Illustrations
illustrations
Index
no index present
LC call number
HD30.29
Literary form
non fiction
Nature of contents
  • dictionaries
  • bibliography
http://library.link/vocab/relatedWorkOrContributorName
  • Lakhani, Karim R.
  • Massachusetts Institute of Technology
http://library.link/vocab/subjectName
  • Interactive management
  • Group problem solving
  • Creative ability in business
  • Creative ability in business
  • Group problem solving
  • Interactive management
Label
Using open innovation to identify the best ideas, by Andrew King and Karim R. Lakhani
Instantiates
Publication
Bibliography note
Includes bibliographical references
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Control code
908405032
Dimensions
unknown
Extent
1 online resource (1 volume)
Form of item
online
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other physical details
illustrations
http://library.link/vocab/ext/overdrive/overdriveId
cl0500000584
Sound
unknown sound
Specific material designation
remote
System control number
(OCoLC)908405032
Label
Using open innovation to identify the best ideas, by Andrew King and Karim R. Lakhani
Publication
Bibliography note
Includes bibliographical references
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Control code
908405032
Dimensions
unknown
Extent
1 online resource (1 volume)
Form of item
online
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other physical details
illustrations
http://library.link/vocab/ext/overdrive/overdriveId
cl0500000584
Sound
unknown sound
Specific material designation
remote
System control number
(OCoLC)908405032

Library Locations

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      400 West 14th Street, Rolla, MO, 65409, US
      37.955220 -91.772210
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