A phenomenon in which people are biased against externally developed prototypes or ideas.
First-Mover Advantage refers to the benefits companies gain by being the first to enter a new market or develop a new product.
The ability of a firm to prepare the business for the future while also supporting current operations.
Teams with multidisciplinary skills, with everyone having deep knowledge in one area and broader skills to collaborate across the business.
Overcoming internal barriers to collaboration is crucial for successful open innovation, including acknowledging the "not invented here" syndrome, bridging credibility gaps, and being generous.
Starbucks' open innovation experiment, My Starbucks Idea, allowed customers to participate in the product development process, generated new ideas, and fostered customer engagement.
