Large firms turn to open innovation
Survey shows big firms see external partners as fast route to innovation and growth
Big companies are increasingly looking to external partners such as customers, informal networks and universities to help them innovate. That is one finding of a survey of open innovation among large companies in Europe and the US, carried out by the Garwood Center for Corporate Innovation at the University of California, Berkeley, USA, and Germany’s Fraunhofer-Gesellschaft.
Many firms are opening up their innovation processes and experimenting with new practices to accelerate innovation activities. In the international study, Managing open innovation in large firms, the Fraunhofer-Gesellschaft and the University of California, Berkeley, surveyed 125 executives of the largest businesses.
The results show that large companies are expecting the use of open innovation to grow further. But while working with external partners was considered valuable, approaches such as crowdsourcing, in which firms work with unknown outsiders to solve problems, are rated lowest in importance by large companies.