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Loss of control
-Will usually not have as tight control of external resources as internal ones
Higher complexity of managing innovation
-Need to continually consider external relationship management, intellectual property, confidentiality etc
Higher coordination costs
-Will usually cost to coordinate external resources (though may save through reduced cost of resources)
Possible loss of knowledge
-If have technical knowledge in a field, not using it but relying on others for the knowledge will lead to decay of value of your own
Possible loss of competitive advantage
-If allow others to build skills in area important to your business, they can sell their expertise to your competitors (contracts can mitigate the risk)
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What is Open Innovation all about?
Open innovation involves sharing risks and rewards. Companies should be diverse in their ideas. They should get inside and outside sources, hence the word open.
What are the advantages and disadvantages of a free economy?
Advantages: Competition > profit > innovation. Disadvantages: higher costs for consumers there are losers risk for an entrepreneur
How do you manage an open innovation in an organization?
First create a culture for innovation then get some help. Have a look at the case study by searching ideaken case study on Google. Also, you could look into the book called open innovation and open service innovation,for which the author Henry Chesbrugh has written about the topic. It is worth a while to read it.
What are the advantages and disadvantages of innovation?
Innovation is advantageous because it creates changes in the current processes and products we use and advances society in doing so. It can also be disadvantageous because the process of innovation takes time and is therefore costly.
What are the advantages and disadvantages of curricular innovations?
The advantages are that once one begins curricular innovation, it gets their members included and they help out in the future. Disadvantages are that all must be willing to participate.
Advantages and disadvantages of open or class system?
Advantages and disadvantages of class system
Advantages and disadvantages of fayols theory?
advantages and disadvantages of open office in an organisation?
What are the disadvantages of regulation?
- regulatory capture - deters innovation because of the stringent procedure in the food industry. in other industries it has been shown that regulation increases innovation (http://cordis.europa.eu/euroabstracts/en/april04/feature02.htm)
What are the disadvantages of open pit mining?
Cash
What are the disadvantages and advantages of Marxism?
Advantages of Marxism include its focus on social equality, workers' rights, and collective ownership of resources. Disadvantages can include potential for authoritarianism, lack of innovation incentives, and historical examples of economic inefficiency in some Marxist societies.
What are the advantages and disadvantages of open-pit mining?
Cash
Discuss the advantages and disadvantages of capital market?
advantages will be innovation is driven forward in a free capitalist economy with investors receiving dividends from successful ventures.
