An Open Innovation Approach To Enterprise
Whilst many businesses are familiar with linear innovation, which involves taking their internal research into sustaining incremental development of their existing products and services, they lack the processes, represented by the arrows in the above schematic, to enable them to successfully deliver open innovation. This results in making them vulnerable to threats from competitors and to missing out on profitable new income streams. In order to respond to the challenges companies need to adjust their internal structures and business processes and adopt new working practices for addressing new markets and for creating profitable licencing deals.
Quantum Innovation Centre’s innovation framework tool provides practical assistance and guidance to companies and delivers an action plan from which they can benchmark their innovation capability and develop a continuous improvement culture which emphasizes that Innovation is the work of the whole organisation.
In order to repurpose Intellectual Property businesses can benefit greatly from the use of intermediaries such as Quantum Innovation whose extensive networks and ability to act as independent brokers can facilitate open innovation.