Lessons Learned from the Industrial Practice of the Open Innovation Model for the Development of New Products

Open Innovation is a technology management practice in which external resources are used to supplement a company's internal R&D and commercialization effort, wherein distributed knowledge from external entities is mapped with internal business processes and R&D groups. This business model can be structured both outside-in as well as inside-out. External partnering strategies include licensing in; corporate-funded R&D at universities, institutes and the government; utilizing external providers; and practicing joint developments between companies. This session will examine learnings, challenges and opportunities from both industry and its external partners pursuing open innovation.