Open Innovation and its impact on business and society

Technological progress, a globalized world with massively increased trade and cultural exchange, followed by a pandemic that triggered a global economic slowdown, have made it more difficult for organisations to be relevant, create value, and stay competitive.... read more

Furthermore, in view of the increasing complexity of products and services, rapidly changing market demands, and shorter life cycles, companies require different types of capability and management practices to successfully develop innovations.

Firms are limited in their ability to internalize all required knowledge and competencies—highlighting the importance of harnessing third party, or open, innovation. The important role of searching for and integrating external knowledge in a company’s innovation success has been widely acknowledged.

Open innovation is based on the belief that knowledgeable and creative individuals both outside and inside the company can contribute to achieving the strategic goals of the company. Sharing intellectual property both ways can add value to different parties in different ways. Decisions are based on the information available and the more information is gained from internal and external parties the more valuable the decisions will ultimately be. Open innovation can enhance business activities such as operating, investing, and financing activities by sharing and receiving information about manufacturing practices, marketing, distribution and sales.

The potential drawbacks of open innovation and its impact on business activities include loss of control, increased managerial and organizational complexity and consequently increased costs.

This series will examine the concept of open innovation and its impact on business activities. The speakers in this series are passionate about what they do and have acquired many years of expertise and practice in their fields of interest and business.