Depending on how you approach the subject, innovation can be discussed from various angles. For Henry Chesbrough, who coined the term “open innovation”, the key to innovation lies in looking for collaboration, not being afraid to open the doors of your company and, of course, to experiment. “Invention isn’t the same as innovation.” From the World Innovation Forum New York stage, Chesbrough challenged the audience to change their perspective of what it means to innovate. Read on for more on the state of innovation today, and how we can use innovation to move forward in order to help restart the economy.
Could innovation be the key to getting out of the current economic slump? Addressing the international audience, Chesbrough confirmed that the U.S. remains important in the global innovation system; however, more and more activity is moving outside country lines. The building blocks of innovation include a global search and companies of all shapes and sizes hold the solutions to your problems. What strategy will you integrate into the DNA of your company in order to include them?
“Mastering open innovation requires experimentation, collaboration and an invitation to others to build on what you’re doing to ultimately deliver to and delight your customers,” Chesbrough said.
In this hyper competitive economy how will your product beat the rest? Chesbrough posed this challenge to members of the audience. The market no longer rewards you for new technologies; it is a treadmill where you have to keep moving faster and faster just to stay in place.
Chesbrough stressed the importance of understanding the fact that quality methodologies such as Six Sigma are being used by all your competitors. So, how do you differentiate on quality?
Disseminating the key questions of innovation that your company should be asking, Chesbrough formed a great basis for the beginning of what looks to be an exciting two-day event. Stay tuned to #WIFNY and follow us on wobi_en to stay up to speed on what’s going on.