Summary of Insight: Ideas for Change - Open Innovation - Henry Chesbrough

00:00:00 - 00:10:00

Open innovation is the idea that organizations should make much greater use of external ideas and technologies in their own innovation activities. In this talk, Henry Chesbrough discusses how an organization's culture and reward systems play a role in the success or failure of open innovation. He also discusses the importance of open business models and how they can help innovation flourish.

• 00:00:00 Open innovation is the idea that organizations should make much greater use of external ideas and technologies in their own innovation activities. There are several benefits to open innovation, including cost efficiency, time savings, and the ability to attract and stimulate new talent.
• 00:05:00 Insight: Ideas for Change - Open Innovation - Henry Chesbrough discusses how an organization's culture and reward systems play a role in the success or failure of open innovation. He points out that one of the main challenges of open innovation is that it can be difficult to transition from an "inside out" approach to one that is "outside in." Chesbrough also discusses the importance of open business models and how they can help innovation flourish.
• 00:10:00 The "open innovation model" is a way for large, established organizations to do genuine research and development. This model allows others to use the ideas in different markets, with different business models, to get the best market research money can buy. The model is based on the idea of abundance, which suggests that we are not in a world of scarcity. A dream of Henry Chesbrough's is to examine public policies that can enable this model, and to identify which public policy should be stopped.