Goliath's Revenge by Todd Hewlin & SCOTT SNYDER

Author:Todd Hewlin & SCOTT SNYDER
Language: eng
Format: epub
ISBN: 9781119541912
Publisher: Wiley
Published: 2018-11-10T00:00:00+00:00

Figure 7.2 The Gives and Gets of Open Innovation

None of those gives may appear to be showstoppers. In fact, most have only limited up-front costs. However, you should sequence your efforts to open up these eight open innovation channels based on your readiness to make the unique commitment that each one requires.

Become Easy to Innovate With

Open innovation is like having your cake and eating it too. You want the maximum amount of innovation to be available to your team, group, division, or company in the minimum amount of time. You also want to keep your job by delivering on your near-term operational and financial goals.

You can do both. Getting ecosystem partners to do some of the work serves to both amplify your returns and reduce your risks from the Big I and Little I process you installed back in Chapter 5. External innovators bring a sense of urgency, risk tolerance, and appropriate irreverence to your biggest opportunities.

However, most established companies struggle to ramp their innovation ecosystem up to a material scale before their attention shifts to the next important project. In dealing with startups, in particular, they fail to address the misaligned goals, mismatched resources, inconsistent stakeholder support, and corporate risk aversion that stands in the way of success. The beautiful music you were intending to play together ends up sounding as if AC/DC and the New York Philharmonic are on the same stage at the same time.

Make better music together by following these eight best practices from companies that are winning with open innovation: demonstrate commitment, set clear objectives, dedicate resources, empower an investment committee, adopt a lean process, minimize legal friction, build an innovation sandbox, and install a culture of exploration.

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