Are you an expert of the past? Or, do you anticipate the future? Technology disruption is part of every day life these days. Disruption is good for small companies because it is small companies that generally innovates best.
Open innovation is essentially inter-company cooperation in research and development. The term was promoted by Henry Chesbrough and is described in more detail as:
Open innovation is a paradigm that assumes that firms can and should use external ideas as well as internal ideas, and internal and external paths to market, as the firms look to advance their technology”. Alternatively, it is "innovating with partners by sharing risk and sharing reward." The boundaries between a firm and its environment have become more permeable; innovations can easily transfer inward and outward.
Open innovation is further explained in these videos:
- Open Innovation 02 - What is “open innovation"? (8 minutes)
- Three things I learned about disruptive innovation as an UberX driver, Ted Graham (10 minutes)
- TedTalk: Charles Leadbeater: The era of open innovation (20 minutes)
You want to be a disruptor. Disruptive innovation changes markets. The reward is highest where the uncertaintly and risk is the highest.
Don't listen to the experts of the past. If you want to disrupt the financial reporting market, here is informationthat will help you make sure you build the right products and solutions. Bolt-on solutions to existing inefficient processes is not innovation. Digital financial reporting will cause a transformation.