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Open Innovation ResultsGoing Beyond the Hype and Getting Down to Business$
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Henry Chesbrough

Print publication date: 2019

Print ISBN-13: 9780198841906

Published to Oxford Scholarship Online: December 2019

DOI: 10.1093/oso/9780198841906.001.0001

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Open Innovation Best Practices

Open Innovation Best Practices

Chapter:
(p.133) 8 Open Innovation Best Practices
Source:
Open Innovation Results
Author(s):

Henry Chesbrough

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198841906.003.0009

Open Innovation can be a powerful engine for growth, if properly managed. P&G was an early, powerful trendsetter in achieving growth from Open Innovation. Open Innovation also can be valuable as a tool to enable environmental sustainability, as seen by Enel and Carlsberg However, even organizations who embody effective Open Innovation practices can have trouble sustaining growth over time. Practices that initially led to strong growth have been followed by periods of declining revenue, or even bankruptcy. Both Qwirky and P&G have struggled to sustain growth via Open Innovation. Open Innovation requires a certain mindset to sustain growth over time. Following the best practices alone may not keep the company ahead of its competitors. Following Open Innovation principles may prove more enduring.

Keywords:   Open Innovation, best practices, revenue growth, bankruptcy, Open Innovation mindset, Open Innovation principles

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