Summary of Open Innovation — A New Model for Industrial Innovation

00:00:00 - 00:45:00

Open innovation is a new model for industrial innovation that allows companies to access technologies and research from others in order to stay competitive. This model contrasts with the closed model, in which companies hoard technology and research and are only able to develop their own product. This change in the way technology is developed has led to a more level playing field for companies, as useful knowledge is now distributed across the industry.

• 00:00:00 The video discusses the concept of open innovation, which is a new model for industrial innovation. The model allows for multiple projects to be ongoing at the same time within a company, and it narrows the focus of innovation as it progresses through the stages of research and development, to the market, and finally to commercialization. The example of Bell Laboratories is used to demonstrate the closed nature of the previous innovation model.
• 00:05:00 Open innovation refers to a new model for industrial innovation in which companies access technologies and research from others in order to stay competitive. This model contrasts with the closed model, in which companies hoard technology and research and are only able to develop their own product. This change in the way technology is developed has led to a more level playing field for companies, as useful knowledge is now distributed across the industry.
• 00:10:00 The video discusses the Open Innovation model, which is a new way of thinking about industrial innovation. The model is based on the idea that the world is now a lab, and ideas can be developed and tested outside of an organization's walls. This model is different from the closed model, where ideas are developed within an organization and only used there. Open innovation is a way to profit from others' intellectual property, and it is a model that can be used in both the private and public sectors.
• 00:15:00 IBM has a model of "open innovation" in which it engages in both internal and external research and development, in order to maintain a competitive edge. IBM also licenses out previous innovations to other companies in order to maintain its market share.
• 00:20:00 Innovation is not just a product or a technology, but includes business models and ecosystems. Open innovation is a new model for industrial innovation that helps companies get access to the knowledge of millions of people around the world.
• 00:25:00 The speaker discusses how service industries should focus on customer experience in order to innovate and keep customers. He references Michael Porter's "Figure of the Customer" and Ted Leavitt's "value of a product." He also discusses how car2go allows customers to use the car for less than 5% of the time and how this could be used to spread fixed costs over more volume, unlocking economies.
• 00:30:00 In this video, Amazon.com CEO Jeff Bezos discusses the company's model of open innovation, which involves sharing its technology with others in order to increase sales and collaborations. Bezos also discusses the importance of specialization and adaptability for small businesses looking to adopt this model, as well as the importance of being fast to respond to changes in the market.
• 00:35:00 The speaker discusses the importance of open innovation, and how it can be beneficial to both the customer and the collaborator. He provides a few tactical suggestions for getting the customer involved and connecting the dots between the collaborators.
• 00:40:00 This video discusses how open innovation can be used to improve the quality of an invention, as well as to find new ways to make money from it. It also discusses how a startup or young company can benefit from such an approach.
• 00:45:00 The author of this video discusses how hackathons have changed over the years, and how they are now more focused on speed and openness. He suggests that large companies and small businesses should postpone discussions about intellectual property until later, in order to avoid disruption to the creative process.