Open Innovation - a New Paradigm for R&D

Professor Henry Chesbrough (Executive Director of the Centre for Open Innovation, Haas Business School, University of California, Berkeley)

Aras Moyola, NUI Galway 18:00 :: 12th November 2009

The concept of Open Innovation advocates that companies can no longer keep their own innovations secret. The key to success is creating an open platform around your innovations so your customers, your employees and even your competitors can build upon them. Only then will you create an ongoing, evolving community of users, doers and creators.

Today, in many industries, the logic that supports an internal and centralised approach to R&D has become obsolete. This change creates a new logic of open innovation that embraces external ideas and knowledge in conjunction with internal R&D. However, companies must still perform the difficult and arduous work necessary to convert promising research results into products and services that satisfy customers' needs. Innovators must integrate their ideas, expertise and skills with those of others outside the organisation to deliver the result to the marketplace, using the most effective means possible. In short, firms that can harness outside ideas to advance their own businesses, while leveraging their internal ideas outside their current operations, are likely to thrive in this new era of open innovation.

Henry Chesbrough is Executive Director of the Centre for Open Innovation at the Haas School of Business at the University of California, Berkeley. He has a unique background as both a practitioner and researcher having spent 10 years in senior product planning and strategic marketing positions in Silicon Valley. His research interests include a focus on innovation; managing R&D; technology-based spin-offs; corporate venture capital; and evolution in high-technology industries in the US, Europe and Japan. His book, Open Innovation, articulates a new paradigm for organising and managing R&D. This book was named a “Best Business Book” by Strategy & Business magazine.

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