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Open innovation and crowdsourcing
Published on August 29, 2021 19 min
Other Talks in the Series: Open Innovation and its impact on business and society
Open innovation: core concepts and key challenges
- Prof. Henry Chesbrough
- Luiss Guido Carli University, Italy
Financial innovation: the future of FinTech
- Prof. Anne-Laure Mention
- RMIT University, Australia
Open innovation and intellectual property
- Dr. Marcus Holgersson
- Chalmers University of Technology, Sweden
Open innovation policy and public funding for collaborative projects
- Dr. Chiara Eleonora De Marco
- Senior Associate, Capital Projects & Economics, GIS-Global Incentive Service, PwC, Italy
Hello, my name is Krithika Randhawa, and I'm a senior lecturer at the UTS Business School in the University of Technology Sydney, Australia. My research and teaching focuses on innovation management, and I have a special interest in open innovation, crowdsourcing, platforms, ecosystems, and such collaborative forms of innovation.
In this talk, I will touch upon what is open innovation, then delve into what is crowdsourcing, what is the process of crowdsourcing, and discuss the different modes of crowdsourcing with illustrative examples, and then conclude with how organizations can make strategic choices as they organize and manage open innovation and crowdsourcing.
From a classical innovation perspective, internal R&D to develop and commercialize new technology forms the core aspect of the success of organizations. This has been the key to the rise of big American corporations of the 20th century. The large industrial giants, such as AT&T, DuPont, or GE.
Developed and propagated by Alfred Chandler, the thinking behind this classical approach to innovation is that to capture value and gain competitive advantage, organizations need to tightly control the technical innovation process by adopting protection mechanisms such as exclusive ownership of IP, bureaucratic hierarchical structures and linear, vertically integrated value chain structures. This is a rather closed approach to innovation.