How Porter 5 forces influence your organization approach to open or closed innovation
Open/Closed innovation & how Porter’s 5 forces influence your organization’s approach to open or closed innovation
‘Closed’ innovation
Traditional approach to innovation, relying on the organisation’s own internal resources – its own laboratories and marketing departments
Innovation is secretive, organisations are anxious to protect intellectual property and avoid competitors free-riding on their ideas.
‘Open’ innovation
involves the deliberate import and export of knowledge by an organisation in order to accelerate and enhance its innovation.
Exchanging ideas openly is seen as likely to produce better products more quickly.
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