The benefits of open innovation during the current economic downturn have only recently been analyzed. Henry Chesbrough and Andrew Garman have recently published a Harvard Business Review article (June) on this. Wim Vanhaverbeke, Professor of Strategy and Innovation at Hasselt University, Belgium, provides some additional benefits when companies apply open innovation in a downturn, which has not been mentioned in the HBR-article.
The key to surviving the global downturn is to focus on strategic renewal - adapting your company and its business models and strategies to the new market conditions - according to author Rowan Gibson.
A few weeks ago, I asked you to share with me your strategies for maintaining or expanding their innovation initiatives in the current global economic downturn. Here's what you had to say.
These days, it seems as if the entire global economy is headed for the doldrums. A number of countries and regions stand at the brink of recession. What
Could the current economic downturn actually be sparking an upturn in innovation? I see subtle signs of that happening. Anemic corporate growth, the bursting of the bubble economy, and the merger hangover are creating a unique, one-time opportunity for those of us who are advocates for and practitioners of systematic innovation.
