Innovation Management Chapter 8: Open Innovation
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Questions and Answers

What is a major issue that Open Innovation can help address in terms of employee talent?

  • Insufficient employee training
  • High employee turnover
  • Lack of employee motivation
  • Lack of talented employees (correct)

    • What is a benefit of Open Innovation in terms of product development?

  • Reducing research and development costs
  • Building relationships with external partners to bring products to market quickly and efficiently (correct)
  • Hiring more employees for product development
  • Increasing marketing budgets

    • What can Open Innovation help companies achieve in terms of existing products?

  • Discontinuing old products
  • Launching new products
  • Merging with other companies
  • Improving old products and services (correct)

    • What is another benefit of Open Innovation besides getting ideas from outside?

    <p>Taking internal ideas and developing them externally to create new revenue streams</p> Signup and view all the answers

    What is a benefit of Open Innovation in terms of reducing costs and time to market?

    <p>Partnering with smaller, more flexible firms to reduce costs and speed up development</p> Signup and view all the answers

    What can Open Innovation help companies achieve in terms of competitive advantage?

    <p>Entering new markets by introducing new products</p> Signup and view all the answers

    What is the primary reason for adopting open innovation strategies?

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

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

    <p>Open innovation uses external knowledge, while closed innovation uses internal knowledge</p> Signup and view all the answers

    What is the main challenge of generating new ideas in R&D projects?

    <p>The impossibility of generating a high rate of good ideas, especially with global competition</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 new products</p> Signup and view all the answers

    What is the benefit of using external ideas in open innovation?

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

    What is the main reason for the drop-out rates of ideas in R&D projects?

    <p>The difficulty of generating a high rate of good ideas, especially with global competition</p> Signup and view all the answers

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

    <p>To generate creative ideas and solutions</p> Signup and view all the answers

    Which of the following is NOT a critical success factor for an Open Innovation Challenge?

    <p>Return on Investment (ROI)</p> Signup and view all the answers

    What is the purpose of supporting documents/images in an Open Innovation Challenge?

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

    What can happen if Open Innovation is not managed properly?

    <p>Many challenges and issues for the firm</p> Signup and view all the answers

    Why is it important to define clear innovation goals in an Open Innovation Challenge?

    <p>To ensure the challenge is compatible with the firm's situation</p> Signup and view all the answers

    What is the purpose of choosing a platform for an Open Innovation Challenge?

    <p>To run the challenge effectively</p> Signup and view all the answers

    What is the primary challenge in finding the right type of participants in Open Innovation?

    <p>Finding the right type of participants due to their scarcity</p> Signup and view all the answers

    What is the main purpose of having a method for ranking ideas in Open Innovation?

    <p>To define the most promising ideas before developing them</p> Signup and view all the answers

    What is the primary concern with intellectual property rights in Open Innovation?

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

    Why is it important to have a carefully crafted agreement with external participants in Open Innovation?

    <p>To define the idea's ownership</p> Signup and view all the answers

    What is a key challenge in managing OI activities?

    <p>Having weak communications and unclear goals</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 to engage in OI</p> Signup and view all the answers

    What is the primary focus of Technology Transfer?

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

    What is the main objective of inward technology transfer?

    <p>To acquire external technologies and integrate them into internal innovation processes</p> Signup and view all the answers

    What is a characteristic of the tangibility of knowledge in the context of Technology Transfer?

    <p>It is intangible and difficult to quantify</p> Signup and view all the answers

    What is the purpose of the 4A conceptual framework in the context of Technology Transfer?

    <p>To explore the processes involved in inward technology transfer</p> Signup and view all the answers

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

    <p>It can lead to some challenges if not managed effectively</p> Signup and view all the answers

    What is the role of the European Space Agency (ESA) in the context of Technology Transfer?

    <p>It is a consultancy for technology transfer</p> Signup and view all the answers

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