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5 Elements of an Open Innovation program

document Open Innovation
Summary
When Henry Chesbrough coined the term Open Innovation (2003), organizations (especially R&D-driven organizations, but not exclusively) embraced it as the solution to business model limitations. Companies representing consumer products (e.g., P&G, Clorox), natural resources (e.g., GoldCorp), healthcare (e.g., GSK, Pfizer), government (e.g., HHS) have to varying degree, some impressively, applied Open Innovation to improve the return on investment of their product development process.
Description
Here are 5 essential elements an Open Innovation program:

*Executive commitment:With a business model pivot,senior level endorsement,evangelism and resources are essential.

*Organizational architecture:Open Innovation is fundamentally a unique system of processes, tools and people constructed to communicate needs to and collaborate with external partners.

*Intellectual property framework:Uncertainty related to treatment of intellectual property frequently derails Open Innovation programs.

*Relationship management:A broad,passionate and diverse community of experts knowledgable is an essential element for breakthrough ideas at the front end of innovation.

*Communication:An Open Innovation organization needs to be very directed in terms of what problems or opportunities need to be solved.

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