Deciding Between Market and Community for Innovation PPT

This PPT slide, part of the 26-slide Open Innovation Management PowerPoint presentation, presents a framework for understanding the foundational considerations of Open Innovation Management. It emphasizes the critical decision point of whether to engage external innovators as part of a collaborative community or within a competitive market. This decision is pivotal and hinges on the nature of the innovation challenge at hand.

The overview section outlines that Open Innovation is particularly beneficial in scenarios where innovation, technology, and design methodologies are still developing. It also highlights the complexity of customer needs, which can often be varied and not fully understood. This context sets the stage for leveraging external knowledge and ideas through Open Innovation.

The details section elaborates on 2 distinct approaches to Open Innovation. The first approach focuses on knowledge accumulation, which is best suited for situations where historical learnings can be built upon through collaborative communities. This method encourages ongoing learning and sharing among participants. The second approach emphasizes broad experimentation, which is more effective when addressing innovation problems that require input from diverse customer groups or technical perspectives. This method allows for a wider range of ideas and solutions to emerge from a competitive market setting.

The slide concludes with a note on the effectiveness of Open Innovation as a tool when distinct components of the innovation process can be delineated for external collaboration. This insight is crucial for organizations looking to optimize their innovation strategies by understanding when to leverage community-based versus market-based approaches.

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