Open Innovation: An Automotive Supplier's Perspective
In order to survive and thrive in harsh economic environments and capitalize on opportunities driven by the current regional and global needs for Safe, Green, and Connected solutions, companies are required to constantly create/innovate new products while shortening their time to market. These new requirements cannot be met with the traditional closed innovation approach. A new approach calls for working with “others” in order to benefit from complementary resources. Open Innovation is a means to empower collaborative innovation aimed at meeting the new requirements for fast paced, cost effective and yet innovative technology. This paper presents the key elements of Open Innovation from its birth to its implementation. Firstly, it describes Henry Chesbrough's OI model. Secondly, it suggests that a successful implementation of an OI model can be achieved though the application of Everett Rogers' theory of Diffusion of Innovations.