An open innovation project is one in which a company seeks external ideas, knowledge, and expertise from outside the organization to advance its goals, rather than relying solely on internal resources. Conversely, a project that is not open innovation relies primarily on internal resources and expertise.
Here are some characteristics of an open innovation project:
Collaboration: Open innovation projects involve collaboration between internal teams and external partners such as customers, suppliers, academic institutions, startups, and other companies.
Sharing of knowledge: An open innovation project requires sharing of knowledge, information, and expertise between the internal and external parties.
Involvement of external parties: In an open innovation project, external parties are actively involved in the innovation process, from ideation to commercialization.
Innovation ecosystem: An open innovation project is part of a larger innovation ecosystem that fosters the exchange of ideas, knowledge, and expertise.
Access to resources: An open innovation project provides access to external resources such as funding, facilities, equipment, and talent.
In contrast, a project that is not open innovation is typically driven by internal resources and expertise. Internal teams are responsible for all aspects of the innovation process, and external parties are not involved in any significant way.
In summary, an open innovation project involves collaboration, sharing of knowledge, involvement of external parties, an innovation ecosystem, and access to external resources.