Ebook97 pages1 hour
Radical innovation and Open innovation: Creating new growth opportunities for business: Illumination with a case study in the LED industry
Rating: 0 out of 5 stars
()
About this ebook
Henry Chesbrough - the Harvard professor and a worldwide expert for Open innovation - has stated that "most innovations fail. And companies that don’t innovate die." In Germany only less than 0.5 % ideas pursuing by industrial companies has led to a success. The question being addressed is how companies can drive innovations effectively and efficiently to create new growth opportunities, particularly in this difficult time due to the global economic crisis. These challenges could be captured by driving radical innovations using open innovation methodology. Radical innovations can create new markets and huge growth potential for the business meanwhile breakthrough innovations can be developed faster and cheaper via open innovation approach.
The aim of this study is to provide a deep insight into radical innovation and open innovation management based on a thorough literature research and evaluation. Thereby basic concepts of the both innovation models are explored and compared with other innovation types, e.g. incremental and closed innovations. Moreover, the Christensen’s model of disruptive innovation and Chesbrough’s theory about open innovation are explained into details. In addition, opportunities and challenges as well as managing concept of radical and open innovations are analyzed and illuminated with concrete examples and cases, amongst others the eco-friendly Light Emitting Diode (LED). Beside technology and market breakthroughs, other aspects like future market trend, key success factors and strategies for capturing sustainable growth of disruptive LED technologies in the lighting industry are studied. It could be stated that companies should drive intensively open innovation and boost the outside-in and inside-out processes for creating new breakthroughs in LED technologies. Increased involving customers, suppliers and the outside scientific world into internal R&D, strengthened collaboration within the LED supply chain and intensified out-licensing of own technologies help companies to accelerate the innovation process and create new markets. Besides driving forceful innovation management companies should boost their new product development by exploitation of government supports which have been increased due to the current global climate change problems.
The aim of this study is to provide a deep insight into radical innovation and open innovation management based on a thorough literature research and evaluation. Thereby basic concepts of the both innovation models are explored and compared with other innovation types, e.g. incremental and closed innovations. Moreover, the Christensen’s model of disruptive innovation and Chesbrough’s theory about open innovation are explained into details. In addition, opportunities and challenges as well as managing concept of radical and open innovations are analyzed and illuminated with concrete examples and cases, amongst others the eco-friendly Light Emitting Diode (LED). Beside technology and market breakthroughs, other aspects like future market trend, key success factors and strategies for capturing sustainable growth of disruptive LED technologies in the lighting industry are studied. It could be stated that companies should drive intensively open innovation and boost the outside-in and inside-out processes for creating new breakthroughs in LED technologies. Increased involving customers, suppliers and the outside scientific world into internal R&D, strengthened collaboration within the LED supply chain and intensified out-licensing of own technologies help companies to accelerate the innovation process and create new markets. Besides driving forceful innovation management companies should boost their new product development by exploitation of government supports which have been increased due to the current global climate change problems.
Related to Radical innovation and Open innovation
Related ebooks
Innovation Management New Pathway of Success Rating: 0 out of 5 stars0 ratingsInnovationdigging: (engl. Version) Rating: 1 out of 5 stars1/5Information Literacy A Complete Guide - 2020 Edition Rating: 0 out of 5 stars0 ratingsHitting the Innovation Jackpot: Practical Essays on Innovation Rating: 0 out of 5 stars0 ratingsTechnology in the Modern Corporation: A Strategic Perspective Rating: 0 out of 5 stars0 ratingsInnovation Strategy: Seven Keys to Creative Leadership and a Sustainable Business Model Rating: 0 out of 5 stars0 ratingsBeyond the Green Team Rating: 0 out of 5 stars0 ratingsThe People Equation: Why Innovation Is People, Not Products Rating: 0 out of 5 stars0 ratingsInnovation that Sticks.: Reach success as a Leader in your Field with the Spaghetti Principle Rating: 0 out of 5 stars0 ratingsThe Innovative Mindset: 5 Behaviors for Accelerating Breakthroughs Rating: 0 out of 5 stars0 ratingsTimelines into the Future: Strategic Visioning Methods for Government, Business, and Other Organizations Rating: 0 out of 5 stars0 ratingsThe Disruption Game Plan: New rules for connected thinking on innovation and risk Rating: 0 out of 5 stars0 ratingsInnovation is a State of Mind: Simple strategies to be more innovative in what you do Rating: 0 out of 5 stars0 ratingsDecision-Making in Crisis Situations: Research and Innovation for Optimal Training Rating: 0 out of 5 stars0 ratingsSuccess in Innovation: Improving the Odds by Understanding the Factors for Unsuccess Rating: 4 out of 5 stars4/5Sustainable development Third Edition Rating: 0 out of 5 stars0 ratingsThe Science Of People Performance Rating: 0 out of 5 stars0 ratingsFrom Open Innovation to Collective Intelligence Rating: 0 out of 5 stars0 ratingsDesigning the Successful Corporate Accelerator Rating: 0 out of 5 stars0 ratingsUnleashing Innovation: How Whirlpool Transformed an Industry Rating: 3 out of 5 stars3/5Surf4Joy Business Sample Answer Rating: 0 out of 5 stars0 ratingsSustaining Creativity and Innovation in Organizations: a Tool Kit: Employee Suggestion System Rating: 0 out of 5 stars0 ratingsEntrepreneurship Education Enriches Entrepreneurial Management in Digital Age Rating: 0 out of 5 stars0 ratingsA Fine Line: How Design Strategies Are Shaping the Future of Business Rating: 1 out of 5 stars1/5Public Universities and Regional Growth: Insights from the University of California Rating: 0 out of 5 stars0 ratingsDigital Formations: IT and New Architectures in the Global Realm Rating: 0 out of 5 stars0 ratingsRelentless Innovation: What Works, What Doesn’t--And What That Means For Your Business Rating: 0 out of 5 stars0 ratingsState of the Future 19.1 Rating: 0 out of 5 stars0 ratingsStrategy and Resilience: Sustaining the Healthy Growth of Your Company Is Your Business Rating: 0 out of 5 stars0 ratings
Management For You
The 7 Habits of Highly Effective People: 30th Anniversary Edition Rating: 5 out of 5 stars5/5Malcolm Gladwell's Blink The Power of Thinking Without Thinking Summary Rating: 4 out of 5 stars4/5The 360 Degree Leader Workbook: Developing Your Influence from Anywhere in the Organization Rating: 4 out of 5 stars4/5Summary of The Laws of Human Nature: by Robert Greene - A Comprehensive Summary Rating: 4 out of 5 stars4/5The 12 Week Year: Get More Done in 12 Weeks than Others Do in 12 Months Rating: 4 out of 5 stars4/5Good to Great: Why Some Companies Make the Leap...And Others Don't Rating: 4 out of 5 stars4/5Emotional Intelligence Habits Rating: 5 out of 5 stars5/5The Hard Thing About Hard Things: Building a Business When There Are No Easy Answers Rating: 4 out of 5 stars4/5Developing the Leaders Around You: How to Help Others Reach Their Full Potential Rating: 4 out of 5 stars4/5The New One Minute Manager Rating: 5 out of 5 stars5/5Multipliers, Revised and Updated: How the Best Leaders Make Everyone Smarter Rating: 4 out of 5 stars4/5The Five Dysfunctions of a Team: A Leadership Fable, 20th Anniversary Edition Rating: 4 out of 5 stars4/5Crucial Conversations: Tools for Talking When Stakes are High, Third Edition Rating: 4 out of 5 stars4/5Company Rules: Or Everything I Know About Business I Learned from the CIA Rating: 4 out of 5 stars4/5Principles: Life and Work Rating: 4 out of 5 stars4/5The 5 Languages of Appreciation in the Workplace: Empowering Organizations by Encouraging People Rating: 4 out of 5 stars4/5Great Ceos Are Lazy: How Exceptional Ceos Do More in Less Time Rating: 4 out of 5 stars4/5Managing Oneself Rating: 4 out of 5 stars4/5Managing Oneself: The Key to Success Rating: 4 out of 5 stars4/5Extreme Ownership: How U.S. Navy SEALs Lead and Win | Summary & Key Takeaways Rating: 4 out of 5 stars4/5The Ideal Team Player: How to Recognize and Cultivate The Three Essential Virtues Rating: 4 out of 5 stars4/5Built to Last: Successful Habits of Visionary Companies Rating: 4 out of 5 stars4/5The Coaching Habit: Say Less, Ask More & Change the Way You Lead Forever Rating: 4 out of 5 stars4/5Spark: How to Lead Yourself and Others to Greater Success Rating: 5 out of 5 stars5/52600 Phrases for Effective Performance Reviews: Ready-to-Use Words and Phrases That Really Get Results Rating: 3 out of 5 stars3/5The Advantage: Why Organizational Health Trumps Everything Else In Business Rating: 5 out of 5 stars5/5How to Get Ideas Rating: 5 out of 5 stars5/5
Reviews for Radical innovation and Open innovation
Rating: 0 out of 5 stars
0 ratings
0 ratings0 reviews
Book preview
Radical innovation and Open innovation - Khanh Pham-Gia
Enjoying the preview?
Page 1 of 1