Innovation Management Chapter 8: Open Innovation & Collaboration
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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</p> Signup and view all the answers

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

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

    What is the main advantage of open innovation?

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

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

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

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

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

    What is the primary focus of technology transfer?

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

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

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

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