Innovation Management Report: Open Innovation Benefits and Drawbacks

This report delves into the realm of innovation management, specifically focusing on the concept of open innovation and its implications. It begins by defining innovation management and its role in enhancing a company's products or services. The report highlights the advantages and disadvantages of open innovation, emphasizing its impact on a company's ability to adapt and achieve its objectives. It also explores how open innovation fosters a collaborative environment, integrating internal and external resources. The report further examines the benefits of open innovation such as advantages in the acquisition of resources, diversification of R&D investments, and improvement in the internal learning capacity. On the other hand, it also discusses the dark side of open innovations such as coordination and implementation costs, and the legal aspects of it, and it is also mentioned that open innovation is said to be the mix of interior and outside assets which helps in boosting the advancement culture and assurance of organization.

INNOVATION
MANAGEMENT

Table of Contents
PROPOSED MANAGING INNOVATION AND TECHNOLOGY TRANSFER THEME ........1
ADDRESS EACH LEARNING OUTCOME ................................................................................2
REFERENCES................................................................................................................................3

PROPOSED MANAGING INNOVATION AND TECHNOLOGY
TRANSFER THEME
The term “Innovation Management” can be defined as an approach, which helps an
individual, group or a business organisation in bringing something new in an existing product or
service. In present report, theme which has been taken into consideration i.e. benefits and
limitation of open innovation. This is specifically being considered as an element, that mainly aid
a company in bringing modifications within the workplace through looking at different range of
ideas. On the other hand, its advantages along with the impulsion basically aid a company in
bringing advancements and also aid in hitting the targets in rightful manner (De Massis and et.
al., 2018).
Along with this, it is also said that open innovation is said to be the mix of interior and
outside assets which helps in boosting the advancement culture and assurance of organization. It
put positive effect in the small along with the medium sized business firms as they are less
capable of developing the image within the market through hitting targets in regards to specific
goals and objectives. On the other hand, there are different sides of open innovations and these
are presented underneath:
Bright side
Organisational :
 Advantages in acquisition of resources Diversification of R&D investments
Knowledge Management : Improvement in the internal learning capacity through transferring the external
knowledge and routines
Legal : Monitoring of the protection level of patents.
Dark side
Organisational : Coordination and implementation cost.
Knowledge Management : Loss of creativity and flexibility
Legal :

 Lack in legacy for additional tasks
ADDRESS EACH LEARNING OUTCOME
Considering the above learning outcomes, it can easily be said that different range of
skills and knowledge in regards to innovation management would help a company in sustaining
within the market for a longer period of time (Biemans, 2018.). On the other hand, it is also said
that it is pretty much needed by a business firm to critically use different range of tactics,
strategies along with the operations as well in regards to establishing the innovation culture.

REFERENCES
Books and Journals
De Massis, A. and et. al., 2018. Innovation with Limited Resources: Management Lessons from
the G erman M ittelstand. Journal of Product Innovation Management. 35(1). pp.125-146.
Biemans, W., 2018. Managing innovation within networks. Routledge.