In today's world, Open Innovation is viewed as a required core competence. It is based on the idea that the R&D paradigm of doing everything in house has become obsolete. The logic is straightforward. In today’s marketplace, it is impractical — if not impossible — to maintain the full complement of technical skills needed to stay ahead of the curve on innovation. Further, technology, mobility, and globalization have made it possible to access innovation capabilities (be it ideas, technology, or labor) across the globe. And, there are sound economic reasons to do so, including speed to market, cost effectiveness, and breakthrough thinking.
But, while the idea of Open Innovation offers promise, many companies are unable to successfully implement. Typical reasons include:
- Inability to effectively navigate and leverage the external environment
- Reliance on familiar technical solutions rather than technology transfer and adaptation (Exploration of relevant technical solutions developed in other industries is an unfamiliar process requiring a different skill set)
- Inertia, psychological barriers, and the “not-invented-here” syndrome
- Reluctance to open up proprietary work to outside parties and fear of losing control over IP
GEN3’s methodology, global network, and business model allow companies to overcome these challenges and to effectively realize the benefits of Open Innovation.