In traditional product development, many ideas are thrown into a pipeline, most are filtered out along the way based in part on fit, and a few eventually become shippable goods.
An article today on News.com talks about “Open Innovation” – an approach in which good ideas that are developed internally by a business – but that don’t fit with the company – are monetized through licensing.
How important is the concept of Open Innovation?
“Big companies, they are either going to have to learn from this or they are going to have to die,” said Jim Huston, a former Intel Capital executive who’s now a managing director for Blueprint Ventures, a Portland, Ore.-based company that helps big companies spin-out ideas that don’t fit with their business plans.
Related Link: Open Innovation (Quick MBA)