Why Open Innovation Is Such A Needed Idea For Tech Firms Preview Illustration

Why Open Innovation Is Such A Needed Idea For Tech Firms

Firms should do more and rely on external processes and innovations.

When the world is full of ideas that are distributed in nature, and the boundaries between the firms and the market are very thin, it would be a mistake to assume that only the internal research and innovation would provide advantages to the firm. The firm should do more and rely on external processes and innovations. To put it in short, firms should also look at playing poker along with playing chess. Former IBM research director James McGroddy puts it in the following way, “When you’re targeting your technology to your current business, it’s like a chess game. In a new market, you have to plan your technology entirely differently. You’re not playing chess anymore; now you’re playing poker. You don’t know all the information in advance. Instead, you have to decide whether to spend additional money to stay in the game to see the next cards.
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