Open Business: The New Reality

In a world where accelerating change is the norm, recurring innovation is at the heart of any successful business model. Organizations have increasingly found that relying on their people to learn rapidly is a slow, costly, and painful process that, too often, simply doesn’t work. Instead, it often makes sense to license intellectual property to and from others. Similarly, it often makes sense to present a problem to a large population of diverse agents rather than direct the question solely to in-house experts. That’s the reality driving the “open innovation” trend discussed previously in Trends. The question today is not whether “open innovation” will become an increasingly important part of your business; it will. The question is how to design business models that tap into this new reality while still effectively capturing a sufficient share of the value created. We’ll examine what every entrepreneur, manager, and investor needs to know about this trend so they won’t be left behind.

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