http://goo.gl/hiGX4C
Open innovation, an opportunity for entrepreneurship
In recent years, open innovation has become one of the topics of interest in innovation management. Therefore, identifying suitable mechanisms to implement its principles can facilitate the transition of companies from closed to open innovation approach.
Open innovation means the intelligent use of knowledge flow inside and outside the enterprise, in order to accelerate internal innovation and market development. Today, with the shortening of the life cycle of goods and the technologies used in them, the issue of innovation has become very important. In today’s dynamic environment, innovation transcends the boundaries of single firms, so firms seek information, knowledge, and external partners as a source of innovation. For this reason, there has been a change from the traditional model of innovation, which was mostly internal research and development, to open innovation.
The signs of this change include: the increase in the movement of experienced and skilled people, the increase in university specialist graduates, the increase in risky investors, the continuous increase in the information of customers and suppliers, and the shortening of the life of technology.
Reducing the cost and time of new product development, increasing quality and creating new sources of income are among the effects of open innovation. Using this opportunity in advanced technologies such as biotechnology creates a new business. By increasing creativity, gathering a strong work team and providing suitable examples, many students of this field will get the opportunity to work with large companies in various fields of biotechnology. Because these partnerships reduce risk, complete deficiencies with the help of existing competencies, increase creativity and reduce time to market. In the open innovation model, company boundaries become permeable.
The figure below shows the open innovation model and its three stages: research, development and commercialization. Companies that embrace open innovation leverage external resources to power their business or seek to monetize unused patents through intellectual property management agreements.
If you don’t believe in building a profitable business in open innovation, take a look at the big and small partnerships of top biotech companies. The largest companies have cooperated with many smaller companies in East Asia and Latin America with various types of cooperation agreements, including joint ventures or venture partnerships, and believe me that even if they cooperate with the biggest biotech giants, not only Iranian, but also foreign, in If you have strong examples and a motivated team, you can have good cooperation. And know that no matter how powerful they are, they cannot do everything together! Because it is not profitable at all and it reduces their concentration and increases their risk.
In the field of biotechnology, multiply all the materials mentioned about the benefits, goals and impact of innovation in order to make a more accurate comparison with other industries. We will explain more about its reasons in the following articles.
#open_innovation #entrepreneurial_opportunity
Author: Hossein Ghadazi
Sources:
Lazzarotti V, Manzini, R. Different modes of open innovation: A theoretical framework and an empirical study. International Journal of Innovation Management 2009.
Chesbrough H. Open innovation: A new paradigm for understanding industrial innovation. In Chesbrough H, Vanhaverbeke W., & West J.
(eds), Open Innovation: Researching a new paradigm. Oxford University Press. 2006
Biosphere Economy Channel:
t.me/bioeconomy
This post is written by motealehi