Write a paragraph on what your thoughts on for this.
Open Innovation can have pros and cons; but as technology and the need for change increases many companies have to turn to this option. Companies are able to bring forth alternate ideas and processes too better the manufacturing, technology and opportunities. Companies can collaborate with outside sources to innovate the companies new moves. Innovation can be an advantage when it comes to big companies and that are looking for a “new” product or even an adjustment of their products. Companies can create an innovative business plan that allows them to pattern with another organization this will then allow the company to use the resources and knowledge to create a new solution. I believe the only disadvantage would be that with a huge intertwine of two organizations the communication would be risky; as it could lead to many misunderstandings. However, with open innovation companies and industries are able to share information and work together to create a better future. I would love to work for a company that uses open innovation as it will allow me to broaden my knowledge and learn new insight from other organizations that are partnered with the company. Innovation will allow me to see how the companies are working together and I get to personally see the progress and learn the dos and don’ts of open innovation.
Open innovations are the need of the hour for the organization as the customers are looking for the products which are new, innovative and have latest technologies. The organizations can adopt the concept of open innovation either by developing their own new products, imitating the organizational policies and strategies which are formulated by other organization or even making a joint ventures with other firms for innovating something new. The main disadvantage of this venture creating is that there can be some incidences in which misunderstanding can be developed. Despite that , it is important for the firms to strive towards the innovative products, processes and strategies to gain the competitive advantage in the market. The concept of open innovation is quite motivating and appealing to many probable candidates who are looking to work in the organization as this provides them an opportunity to implement their creativity, and they can learn how the different organization work together.