Open Innovation is a new paradigm and methodology that enables large companies to rethink and develop their innovation processes further. The intellectual parent of the Open Innovation idea is Professor Henry Chesbrough, who is a professor at the Silicon Valley (USA) Berkley Haas of Business School.
“Open innovation is the use of purposive inflows and outflows of knowledge to accelerate internal innovation, and expand the markets for external use of innovation, respectively. [This paradigm] assumes that firms can and should use external ideas as well as internal ideas and internal and external paths to market, as they look to advance their technology. ”
Source: Henry Chesbrough, Open Innovation: Researching a New Paradigm (2006)
In a general point of view, Open Innovation is able to increase the efficiency of R & D projects through new methodologies that can be dynamically and quickly scalable by creating, incubating development teams, or building startups and coordinating development for enterprise aims. Large companys can often run their internal development processes hardly, or even time-consumingly and at significant cost, a startup can abolish the same development task more flexibly, faster and most cost-effectively.
The challenge is very market-intensive, as large companies that are unable to respond to innovation challenges and the latest market and business models can easily fall behind in technological advances which are more stringent than ever before. Large companys, which accelerate their innovation processes, are at the forefront. An example of the first type is large-scale companies that are lagging behind and are in crisis, such as Nokia or Sony. Amazon, Apple, Microsoft or SAP are the good examples, but examples of success include petroleum mammoths like TOTAL or the most innovative and trendy startups such as TESLA or Über.
One of the development fundamentals for successful market progress is Open Innovation, whereby large corporations basically implement startup methods for speed, dynamism and creative development.
Quantumspace helps large-scale research, development and innovation by implementing a methodology for open innovation.