Innovation Management Chapter 8: Open Innovation & Collaboration

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson
Download our mobile app to listen on the go
Get App

Questions and Answers

What is one of the main reasons why companies might lack innovation capability?

  • Inadequate revenue streams
  • Inadequate facilities for developing new products
  • Insufficient infrastructure
  • Lack of talented employees (correct)

What is one of the benefits of Open Innovation in terms of old products and services?

  • Improving internal knowledge of employees
  • Accessing endless ideas to reshape existing products (correct)
  • Creating new revenue streams
  • Reducing costs and time to market

What is an advantage of Open Innovation when working with smaller firms?

  • Access to new markets
  • Increased internal knowledge of employees
  • Improving old products and services
  • Reducing costs and speeding up the development process (correct)

What can internally generated ideas but not developed internally do through Open Innovation?

<p>Create new revenue streams (A)</p> Signup and view all the answers

What is a result of accessing new ideas through Open Innovation?

<p>Increasing competitive advantage (B)</p> Signup and view all the answers

What is an example of Open Innovation in action, as mentioned in the text?

<p>Toyota is developing the flying car with Joby Aviation (C)</p> Signup and view all the answers

What is the main reason why firms need to adopt open innovation?

<p>Because they need to access external knowledge and capabilities to enhance their innovation capacity (B)</p> Signup and view all the answers

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

<p>Open innovation integrates external knowledge with internal knowledge to develop products (C)</p> Signup and view all the answers

What is the main challenge of relying on internal knowledge to develop products?

<p>It is impossible to generate a high rate of good ideas with internal knowledge (B)</p> Signup and view all the answers

What is the purpose of collaborating with other organizations in open innovation?

<p>To reach common goals and develop better products (D)</p> Signup and view all the answers

What is the main advantage of open innovation?

<p>It helps to develop better products (B)</p> Signup and view all the answers

What is the main benefit of open innovation, according to the chapter?

<p>It helps to improve the firm's innovation process (A)</p> Signup and view all the answers

What is the primary goal of a strategic alliance between two firms?

<p>To achieve mutual goals such as product development and market access (A)</p> Signup and view all the answers

What is the primary difference between incubators and accelerators?

<p>Incubators focus on early-phase startups, while accelerators focus on speeding up market growth (B)</p> Signup and view all the answers

What is the primary goal of innovation outsourcing?

<p>To delegate the idea generation to other firms with high expertise or low cost (D)</p> Signup and view all the answers

What is the benefit of co-creation in product development?

<p>To develop products that reflect users' needs (D)</p> Signup and view all the answers

What is a joint venture in the context of open innovation and collaboration?

<p>A new legal entity created to achieve mutual goals (C)</p> Signup and view all the answers

What is the primary goal of incubators in open innovation and collaboration?

<p>To support external ideas and transform them into small firms (B)</p> Signup and view all the answers

What is the primary purpose of running an Open Innovation challenge?

<p>To connect innovation goals to business objectives (A)</p> Signup and view all the answers

What should be clearly defined when running an Open Innovation challenge?

<p>The critical success factors (C)</p> Signup and view all the answers

What is one of the common issues that can arise when using Open Innovation?

<p>Unclear goals (C)</p> Signup and view all the answers

What is the purpose of the challenge details in an Open Innovation challenge?

<p>To provide instructions on how to participate (A)</p> Signup and view all the answers

What are the three ways to run an Open Innovation challenge?

<p>Live competition, online platform, and innovation management software (B)</p> Signup and view all the answers

What should be set out when selecting participants for an Open Innovation challenge?

<p>Domain of participants and expected outcomes (B)</p> Signup and view all the answers

What is the primary focus of technology transfer?

<p>Applying existing technologies to new uses or users (C)</p> Signup and view all the answers

What is the main objective of open innovation?

<p>To acquire external technologies and knowledge and integrate them into innovation processes (A)</p> Signup and view all the answers

What is the primary difference between technology transfer and research and development?

<p>The focus on expanding the science and technology base (B)</p> Signup and view all the answers

What is one of the models of technology transfer mentioned in the text?

<p>Licensing model (A)</p> Signup and view all the answers

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

<p>Resulting in challenges if not managed effectively (A)</p> Signup and view all the answers

What is the four-stage conceptual framework used to explore the processes involved in?

<p>Inward technology transfer (B)</p> Signup and view all the answers

Flashcards are hidden until you start studying

Related Documents

Innovation Management Chapter 8 PDF

More Like This

Use Quizgecko on...
Browser
Open
Browser
Browser