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Open Innovation is the Cornerstone of Your Startup’s Success
- Open Innovation is the practice of transparently seeking out and incorporating external ideas while also taking care of the wider ecosystem. This culture can take care of your startup in return rather than merely copying what works.
- Openness in this context can be divided into four categories: Open Innovation, Fully Open Business Model, Open R&D and Open Business Architecture.
- There are a few different approaches to Open Innovation: opinion mining, crowdsourcing, IP marketplaces, external consulting and make more of it business model, open business, and reverse engineering.
- When choosing which business model to adopt for Open Innovation, there are a few that are particularly well-suited, namely the co-creation/partnership business model, open business, and open source business model.
- Any entrepreneur trying to add elements of Open Innovation into their company needs to be wary of a few things to ensure success, including focusing too much on IP, failing to leverage motivation, and only half-embracing new partners.
- Open Innovation is key to startup success, as it turns what may seem like a solitary entrepreneurial journey into a cooperative venture with limitless possibilities.
- Lesson 1: Open Innovation is part of a larger trend within the Open Business world. A few elements can guide corporate leaders to make the right decision for their business.
- Lesson 2: Open Innovation can be used to audition potential talent, scout for specific answers, and generate additional revenues.
- Lesson 3: The modern business landscape leverages the power of collective intelligence. Seven innovative methods for Open Innovation include opinion mining, crowdsourcing, and IP marketplaces, among others.
- Lesson 4: When considering creating a business, there are a few business models particularly well-suited to Open Innovation: co-creation/partnership business model, open business, and open source business model.
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