According new income streams for your company. Benefits

 

According to my understanding, the
collaboration of Sony is definitely considered as the form of Open Innovation. The coordinated effort of Sony with other little firms can be taken
under the model of item stage. Under this model, the organizations work
together to build up another item. It requires joint effort for the improvement
of in part entire or new item.

 

Coming back to the case study now, let’s
discuss whether the cooperation of Sony is a form of open innovation or whether
this term describes new aspects beyond the classical cooperation.

We Will Write a Custom Essay Specifically
For You For Only $13.90/page!


order now

 

·       
Open innovation
allows your company to extend the
broadness of ideas, opportunities and know how while
minimising and limiting the
technical and market dangers
associated with the innovation and
development.

·       
An open innovation
community can give your company a upper
hand. This is especially important in
challenging financial
times.

·       
It is a profitable
way to innovate and enhance.
It results in decreased
costs, accelerate time-to-showcase,
increase differentiation in the market and also create new income streams for your company.

Benefits of Open Innovation-

 

The advantages of open innovation projects are widely discussed in
innovation management research and practice (e.g., Man & Duysters, 2005).
Particularly, small and medium-sized enterprises (SMEs) are expected to gain
most from open innovation collaborations due to their inherently limited
capabilities (Lee et al., 2010; van de Vrande 2009).

 

·       
Building a better
business model and superior action plan
is better than getting to market first.

·       
External R
can create significant and
critical esteem whereas internal R is needed
to claim some part
of that value.

·       
In open
innovation, there is a need to work with smart individuals inside and
outside of the firm.

Principles of Open Innovation-