ISSN:
1087-8572
Source:
Emerald Fulltext Archive Database 1994-2005
Topics:
Economics
Notes:
Purpose - With more companies working to innovate across corporate boundaries, protecting intellectual property is becoming a much bigger issue. The authors find that the best way to handle this threat is to face it head-on. Design/methodology/approach - While co-sponsoring an innovation awards program the authors saw first-hand some of the skills and attributes of up and coming innovators in the UK. From observing leading firms they developed practical steps that underpin a successful innovation network and can help protect intellectual property. Findings - The authors defined and tested four practical best practices that firms can use in the ideas-to-market race, in which many of the best and most innovative products and services (and their inspirations) come from new and varied sources. Research limitations/implications - The authors offer short snapshot case examples. Longer cases and research over a longer time frame would be valuable. Practical implications - Managers will want to follow these best practices: know your partners; structure the relationship so all parties, particularly aspiring innovators, are treated as valued partners; define mutual benefits; and establish performance targets and offer incentives Originality/value - Open innovation is one of the newest strategic management tools. This is one of the first articles to describe how to manage it effectively based on experience.
Type of Medium:
Electronic Resource
URL:
http://dx.doi.org/10.1108/10878570510608040
