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Open innovation has been a staple for how the best organizations, governments and movements produce innovative breakthrough results for the last couple of decades. The "father of open innovation" Henry Chesbrough and the Executive Director of Open Innovation at UC Berkeley sits down with Futureproofing : Next's Managing Director Sean Moffitt talks open innovation, what got it started, how does the pandemic shine a light on it, a big modern paradox and what is the next generation of open innovation thought.
We'll cover two of Henry's books. "Open Innovation" (initially published in 2003) and "Open Innovation Results" (published in Nov, 2019) as a backdrop to our author's studio episode.
in 2020, we live in an age of exponential technology, but this is not so new. Indeed, technological innovation has been promoted so assiduously for so long that there is now a discernible pattern to its emergence known as the Gartner Hype Cycle. Open innovation is no exception. Henry Chesbrough, the originator of open innovation, examines the hype behind its practice, shows where real results are taking place, and explains how companies can move beyond the hype to achieve real business results.
To get valuable results from innovation, businesses must open up their innovation processes and finish more of what they start. They need to open their knowledge flows to generate new growth, and unused internal knowledge must flow openly to others to generate new revenue and future business opportunities. Many of the best known aspects of open innovation such as crowdsourcing, open source software, or innovation intermediaries are often not well connected to the rest of the organization. Using numerous real-world examples of these methods in practice, Chesbrough illustrates how they can, and must, be used in connection to the organization as a whole in order to have real long-term value.
Open innovation offers a clear-eyed view of the challenges and realities that limit the ability of organizations to create and profit from innovation. Whether in the largest companies or in a small business, an advanced economy or a rural village, Henry's books chart a course to enhance organizational growth and performance.
