Companies are increasingly rethinking the fundamental ways in which they generate ideas and bring them to market — harnessing external ideas while leveraging their in-house operations. Open innovation requires each company to open up its business model to let more external ideas and technology flow in and more internal knowledge flow out. By adopting these models, organizations can bring innovations to market more quickly and less expensively, thereby securing a competitive advantage in an increasingly dynamic global economy.
Innovation often happens first at the edge of markets, rather than at the centre of existing markets. This is the great source of opportunity for SMEs in the open innovation landscape. SMEs can participate sooner, move faster, and adapt more readily to opportunities that emerge from the periphery of a market, relative to large firms.
Managing this open innovation process however needs new approaches to building positive relationships and business models between large firms and SME’s.
Lancaster University as a member of the Berkley Innovation Forum, cordially invites you to take part in this discussion of the latest thinking from Chesbrough’s Centre at Berkeley.
He has broad Leadership Experience in Corporate Management & Academia. He has many years of international teaching experience and has been recognized by his peers and students with numerous awards for his innovative leadership, teaching and curriculum development. At Berkeley, he teaches courses in Open Innovation and Business Models, directs and moderates several key annual International Conferences, Innovation Forums, and the Dean’s quarterly CFO Round Tables. His 14 years of corporate experience as a senior executive at Bank of America, First Interstate Bank, Motorola and Glenfed includes: Strategic Planning, Corporate Reorganization and Performance Evaluation. His executive coaching portfolio includes: Google, Genentech, HP, United Health, UCSF Medical Center.
Professor Solomon Darwin will discuss:
• What is Open Innovation?
• How can you strengthen your balance sheet?
• How Open Innovation Strategies can improve your business?
• The impact of the changing landscape on business models and successful examples.
• Why open innovation in services is increasingly becoming important.
• The Seven Building Blocks of an Innovative Business Model.
• Future challenges for business models.