Insight: Ideas for Change – Open Innovation – Henry Chesbrough

World Economic Forum/Aug 9, 2012/12:52

Not all the smart people work for your company. Henry Chesbrough explains how corporations can
all benefit from open innovation. This is true both from the outside in — leveraging external ideas and
technology to reduce costs and time spent in research and, more crucially, from inside out, making
unused innovations more accessible to external users.

To fully embrace open innovation, organizations need a change in mindsets and an acceptance that we
live in a world of abundance of knowledge. It is possible to protect the original investors in research and
development while still maximizing the fruits of this knowledge.