Innovation Management Chapter 8: Open Innovation & Collaboration
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Questions and Answers

What is the primary goal of creating a joint venture between two firms?

  • To support the external ideas and transform them into small firms
  • To use users to generate ideas and feedback
  • To achieve mutual goals by creating a new legal entity (correct)
  • To outsource idea generation to firms with high expertise

    • Which strategy involves delegating idea generation to other firms with high expertise or low cost?

  • Strategic Alliance
  • Outsourcing (correct)
  • Joint Venture
  • Co-creation

    • What is the primary focus of incubators in open innovation?

  • Supporting the external ideas and transforming them into small firms
  • Speeding up the market growth of existing businesses
  • Developing business ideas in early-phase startups (correct)
  • Generating ideas and feedback from users

    • Which strategy involves using users to generate ideas and feedback for product development?

    <p>Co-creation</p> Signup and view all the answers

    What is the purpose of company accelerators in open innovation?

    <p>To speed up the market growth of existing businesses</p> Signup and view all the answers

    What is the key difference between strategic alliances and joint ventures?

    <p>The creation of a new legal entity</p> Signup and view all the answers

    What is the primary reason why firms need to collaborate with others in open innovation?

    <p>To access knowledge and capabilities that are not available internally</p> Signup and view all the answers

    What is the main limitation of closed innovation?

    <p>It relies solely on internal knowledge</p> Signup and view all the answers

    Why do firms need to open their doors for external ideas?

    <p>To improve their innovation process</p> Signup and view all the answers

    What is the advantage of integrating external knowledge in open innovation?

    <p>It leads to better innovation outcomes</p> Signup and view all the answers

    What is the problem with relying solely on internal knowledge for innovation?

    <p>It limits the firm's access to new ideas and knowledge</p> Signup and view all the answers

    What is the main difference between open innovation and closed innovation?

    <p>The source of knowledge used for innovation</p> Signup and view all the answers

    What is one of the primary reasons why open innovation can help bridge the gap between internal teams and external organizations?

    <p>To gain access to talented employees and new ideas</p> Signup and view all the answers

    What is one benefit of open innovation in terms of infrastructure development?

    <p>It enables companies to build relationships with others to quickly and efficiently bring products to market</p> Signup and view all the answers

    According to the advantages of open innovation, what can be improved through open innovation?

    <p>Both old and new products and services</p> Signup and view all the answers

    What is one way that open innovation can create new revenue streams?

    <p>By taking internal ideas and developing them externally</p> Signup and view all the answers

    What is a key challenge in open innovation concerning participants?

    <p>Finding the right type of participants</p> Signup and view all the answers

    How can open innovation help reduce costs and time to market?

    <p>By partnering with smaller, more flexible firms</p> Signup and view all the answers

    What is one competitive advantage of open innovation?

    <p>It enables companies to enter new markets with new products</p> Signup and view all the answers

    Why is it essential to have a method for ranking ideas in open innovation?

    <p>To define the most promising ideas first</p> Signup and view all the answers

    What is a challenge related to intellectual property rights in open innovation?

    <p>Determining the origin of the ideas</p> Signup and view all the answers

    Why is it crucial to reward and recognize good ideas in open innovation?

    <p>To motivate talented participants</p> Signup and view all the answers

    What is essential to avoid challenging situations in open innovation agreements?

    <p>Clearly defining the terms and conditions</p> Signup and view all the answers

    What is a key process requirement in managing open innovation activities?

    <p>Defining the goals and communications</p> Signup and view all the answers

    What is the primary objective of technology transfer according to Langrish et al. (1982)?

    <p>Increased utilisation of the existing science/technology base in new areas of application</p> Signup and view all the answers

    Which of the following models of technology transfer involves the hiring of skilled employees?

    <p>Hiring skilled employees model</p> Signup and view all the answers

    What is the benefit of open innovation in the innovation process?

    <p>It significantly speeds up the innovation process</p> Signup and view all the answers

    What is the main application of technology transfer?

    <p>The application of technology to a new use or user</p> Signup and view all the answers

    What is the potential challenge of open innovation if not managed effectively?

    <p>It leads to some challenges</p> Signup and view all the answers

    What is the main concept of the 4A framework?

    <p>Processes involved in inward technology transfer</p> Signup and view all the answers

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