How to Capture All the Advantages of Open Innovation

HBR IdeaCast

Harvard Business Review

Leadership, Entrepreneurship, Communication, Marketing, Business, Business/management, Management, Business/marketing, Business/entrepreneurship, Innovation, Hbr, Strategy, Economics, Finance, Teams, Harvard

4.4 • 1.9K Ratings

🗓️ 28 January 2020

⏱️ 24 minutes

🔗️ Recording | iTunes | RSS

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Summary

Henry Chesbrough, adjunct professor at the University of California Berkeley Haas School of Business, coined the term "open innovation" over a decade ago. This is the practice of sourcing ideas outside your own organization as well as sharing your own research with others. However, he says that despite a booming economy in Silicon Valley, companies aren't executing on open innovation as well as they should. They are outsourcing, but not collaborating, and fewer value-added new products and services are being created as a result. He's the author of the book "Open Innovation Results: Going Beyond the Hype and Getting Down to Business".

Transcript

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0:00.0	If you work with early career professionals, my colleagues at
0:03.8	HPR have a great new podcast for you. It's called New Here. Think of it like the
0:08.4	Young Professional's Guide to Building a Meaningful Career on your own terms.
0:11.9	Share New Here with the Young Professionals in your life. a meaningful career on your own terms.
0:12.8	Share new here with the young professionals in your life.
0:15.9	Listen for free wherever you got your podcasts.
0:18.6	Just search new here. Welcome to the HPR Ideacast from Harvard Business Review. I'm Allison Beard. Nearly two decades ago, the guests we have on the show today coined the term open
0:49.3	innovation.
0:50.6	He noticed that organizations and whole societies were more likely to succeed with a new approach to R&D.
0:56.5	Instead of trying to do everything in-house and keeping the results to themselves,
1:00.8	they looked to the outside world for new ideas and information, as well as sharing
1:05.4	what they learned and created.
1:07.8	The practice is now widespread.
1:10.2	Surveys show that 78% of companies in North America and Europe now employ open innovation,
1:15.4	but there's a problem.
1:17.7	While innovation has increased exponentially, particularly in the tech sector, broader
1:22.4	productivity and income levels have been
1:24.4	stagnant in recent years. That's because organizations and governments aren't
1:28.9	bridging the gap between development and of the University of California Berkeley,
1:42.8	an author of the book Open Innovation Results,
1:45.6	going beyond the hype and getting down to business.
1:48.3	Henry, thanks so much for being here.
	...

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