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What is the name of the approach where firms get ideas from customers, suppliers, or other outside sources?
Open innovation
What is crowdsourcing?
Getting ideas or services from a large group of people, especially through the internet
What is meant by a “disciplined” innovation project?
Defined steps, stakeholder involvement, clear metrics/incentives
Name one thing an organization needs to be an excellent innovator
Possible answers are: A strong overarching innovation strategy, one of the operational competencies and strong supporting supply chain partners.
Name two key decision points or actions taken as ideas move through the funnel.
Project selection and innovation portfolio planning
What is the difference between open innovation and crowdsourcing?
Crowdsourcing uses large online communities; open innovation is broader and includes partners like firms or institutions
Describe one internal and one external way a firm can support idea development.
Internal: R&D funding, hiring the best employees and rewarding them
External: supplier/customer collaboration
What’s one benefit and one risk of codevelopment with other firms?
Benefits: Faster development and an increase in resources
Risks: Loss of control or leaked information
Name the four operational competencies
Idea development, project selection, project management and organizational learning.