Author Question: Explain the concept of open innovation and highlight some of its benefits and drawbacks. What ... (Read 92 times)

strangeaffliction · **on:** Jul 6, 2018

Explain the concept of open innovation and highlight some of its benefits and drawbacks.

What will be an ideal response?

Question 2

________ is a work arrangement in which employees work at home and are linked to the workplace by computer.

A) Outsourcing
B) Coworking
C) Telecommuting
D) Hot desking

josephsuarez · **Reply #1 on:** Jul 6, 2018

Answer to Question 1

Answer: Open innovation refers to the process of opening up the search for new ideas beyond the organization's boundaries and allowing innovations to easily transfer inward and outward. Some of the benefits associated with open innovation are:
It gives customers what they want a voice.
It allows organizations to respond to complex problems.
It nurtures internal and external relationships.
It brings the focus back to the marketplace.
It provides a way to cope with rising costs and uncertainties of product development.
Some of the drawbacks of open innovation are:
There is a high demand of managing the process.
It requires extensive support.
It poses cultural challenges.
Greater need for flexibility arises.
Crucial changes are required in how knowledge is controlled and shared.

Answer to Question 2

Answer: C