Open Innovation Firm Strategy

Questions: 1.Analysis of impact and value of open innovation for organizational/firm strategy, structures, processes etc. 2.Consideration of time and resources required to engage; challenges in engagement; community norms; public reaction to contributions etc that's related to open innovation Answers: 1. Open and outside innovators greatly enhance the value, transformation of products into something blockbuster. Companies like Apple Inc. rely on outsiders both for the source of ideas to enhance their product and also to commercialize their product. Reading Cheng (2011), it has been observed that in the dynamic communities and market condition, it has become important to make best sense towards achieving the objectives of business strategies. If taken into instance, it can be said that Amazon.com has created open service innovation by bringing the outside-in thinking. It has been understood that the customers are more reliable about understanding the impact of third party selling products. As Amazon grew, it began to rely on a number of retailers. The effort was effective. A positive impact was also observed when LEGO opened its website for everyone to make changes. 2. The services as provided by the means of open innovation seem to be free to the prospected customers. This in turn, ignores the value of the people but it generates profit in the account of the business of the Companies. At times, people get addicted to put their effort on a particular matter and in actual they waste a lot of time. In the view point of Coorevits et al (2016), when many people get engaged in innovation, there are chances that the result might not be fruitful that actually hampers the idea of innovation. Offering inbound logistics supplies to the companys customers will open up new revenue system for the Company. Reference List: Cheng, C. 2011. Dynamic service innovation capability, radical service innovation and open business models. International Journal of Services Technology and Management, 16(3/4), p.229. Coorevits, L., Schuurman, D., Oelbrandt, K. and Logghe, S. 2016. Bringing Personas To Life: User Experience Design through Interactive Coupled Open Innovation. Pers Stud, 2(1), p.97.