Open Innovation: Best practices for raw material companies13 Dec 2018
Adopting a collaborative approach to innovation can greatly benefit companies in the raw material industry. Th...
Former Vice President of Intel Labs Europe and co-founder of the Innovation Value Institute, Martin Curley, who was speaking at the CTO Forum Finland in Helsinki on October the 13th, 2016, started off his address to the Finnish CTOs by saying that we live in a new era where the pace of innovation is a matter of survival.
He said awareness of Open Innovation 2.0 needs to be raised across industry and society to accelerate the move from the concept to concrete actions.
“It is not enough that organisations just look beyond their borders. They must actively seek cooperation with different actors. To come up with solutions to major challenges, we must build completely new ecosystems, where innovations are created together, according to set rules and by sharing the risk”, Curley said.
Innovation is a risky business with high failure rates — more than 90% of all innovations do not return their capital cost, but the potential benefits for both industry and society at large are vast. Finland, a historically forward thinking country with a history of innovation, must ensure a new approach to innovation is adopted to respond effectively to major global challenges the world is currently facing. The results of 2016 CTO-Survey conducted by Spinverse indicate that CTOs in Finland are aware of OI 2.0 and intend to implement its principles.
“Open innovation will be critical because when we all work together we can drive spectacular results. We need to enter an era of mass collaboration”, Curley explained.
In the 2010s Martin Curley brought the concept of Open Innovation 2.0 to the wider audience. In this advanced mode of OI, it is necessary for organisations to implement cross-sectoral co-operation to create shared value-added together with different actors, to foster the ecosystem and to ensure the adoption of new technologies and innovation in the ecosystem. With Curley’s leadership, Intel Labs Europe was the forerunner in Open Innovation 2.0 by building a European wide co-operation network, which of today includes numerous R&D centers and a wide range of researchers. Martin Curley was awarded as the European CTO of the Year 2015 and currently serves as a Professor of Open Innovation.
“A cultural shift is at the core of open innovation 2.0. The technology is ready — are we?”