Innovation Management Chapter 8: Open Innovation

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Questions and Answers

What is one of the main reasons why firms need to adopt an open innovation strategy?

  • To become a closed innovation firm
  • To access external knowledge and capabilities (correct)
  • To increase the drop-out rate of R&D projects
  • To reduce the cost of innovation

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

  • The number of R&D projects undertaken
  • The size of the R&D team
  • The level of technology used
  • The use of internal vs. external knowledge (correct)

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

  • To reduce the cost of innovation
  • To become a closed innovation firm
  • To increase the drop-out rate of R&D projects
  • To improve their innovation process (correct)

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

<p>Generating a high rate of good ideas (A)</p> Signup and view all the answers

What is the main goal of collaboration in open innovation?

<p>To reach common goals (B)</p> Signup and view all the answers

What is the main advantage of using external knowledge in innovation?

<p>It leads to better outcomes (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 (B)</p> Signup and view all the answers

What is the main characteristic of a joint venture?

<p>It creates a new legal entity to achieve mutual goals (B)</p> Signup and view all the answers

What is innovation outsourcing?

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

What is an example of co-creation?

<p>Ikea asking customers to help propose new furniture concepts (B)</p> Signup and view all the answers

What is the main focus of incubators?

<p>Supporting external ideas and transforming them into small firms (C)</p> Signup and view all the answers

What is the main difference between incubators and accelerators?

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

What is the primary purpose of Open Innovation Challenges?

<p>To generate creative ideas from a global or local community (C)</p> Signup and view all the answers

What is a crucial aspect of managing Open Innovation activities?

<p>Having clear goals and communications (A)</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 to develop (A)</p> Signup and view all the answers

What is the first step in running an Open Innovation Challenge?

<p>Define the innovation goals for the business (B)</p> Signup and view all the answers

What is an essential aspect of the challenge details?

<p>The title of the challenge (B)</p> Signup and view all the answers

What is a challenge related to intellectual property rights in Open Innovation?

<p>It is hard to know the origin of all ideas or if they are stolen (A)</p> Signup and view all the answers

What is a potential issue with Open Innovation if not managed properly?

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

Why is it crucial to carefully craft the OI agreement with external participants?

<p>To define the idea's ownership and prevent challenging situations (D)</p> Signup and view all the answers

What is a key factor in engaging talented participants in Open Innovation?

<p>Rewarding and recognizing good ideas (C)</p> Signup and view all the answers

What is the purpose of supporting documents and images in the challenge details?

<p>To give clear instructions about how to participate in the challenge (B)</p> Signup and view all the answers

What is the purpose of the Innovation Funnel in Open Innovation?

<p>To define the most promising ideas to develop (C)</p> Signup and view all the answers

What is an option for running an Open Innovation Challenge?

<p>Using innovation management software (C)</p> Signup and view all the answers

What is the main purpose of technology transfer?

<p>To apply technology to a new use or user (C)</p> Signup and view all the answers

What is an example of a model of technology transfer?

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

What is a benefit of open innovation?

<p>It can significantly speed up the innovation process (A)</p> Signup and view all the answers

What is a challenge of open innovation?

<p>It can lead to challenges if the process is not managed effectively (B)</p> Signup and view all the answers

What is the 4A framework used for?

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

What is the main characteristic of technology transfer?

<p>It involves the application of technology to a new use or user (C)</p> Signup and view all the answers

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