In today's information-rich environment, companies
can no longer afford to rely entirely on their own ideas
to advance their business, nor can they restrict their
innovations to a single path to market. As a result,
says Harvard Business School professor Henry W.
Chesbrough, the traditional model for innovation - which
has been largely internally focused, closed off from
outside ideas and technologies - is becoming obsolete.
Emerging in its place is a new paradigm, 'open
innovation', which strategically leverages internal and
external sources of ideas and takes them to market
through multiple paths. This path-breaking analysis is
based on extensive field research, academic study, and
the author's own longtime experience working in Silicon
Valley.Through rich descriptions of the innovation
processes of Xerox, IBM, Lucent, Intel, Merck, and
Millennium, and the many spin-offs that have emerged
from these firms, ''Open Innovation'' shows how
companies can use their business model to identify a
more enlightened role for R&D in a world of abundant
information, better manage and access intellectual
property, advance their current business, and grow their
future business.Arguing that companies in all industries
must transform the way they commercialize knowledge,
Chesbrough convincingly shows how open innovation can
unlock the latent economic value in a company's ideas
and technologies. Author Bio: Henry W. Chesbrough is an
Assistant Professor and the Class of 1961 Fellow at
Harvard Business School. |
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