KARACHI:
The concept of open innovation (OI) was introduced in the early 21st century as a model for organisations for advancement concerning their innovation performance. Since its inception, OI has become highly significant in innovation management. In OI, both external and internal thoughts and tracks are utilised for achieving the goal of optimised functioning for a firm. Over time OI has evolved, and its scope has expanded from the observation of appropriate methodologies adopted by experts or companies to the in-depth study of globally recognised practices.
Even though OI is not a negation of innovation, people still doubt its originality. Indeed, it is different from closed innovation, and one needs to go through various OI perspectives before adopting it. For instance, the relationship between OI and innovation shall be understood as a collaborative mechanism following legal procedures, e.g., by taking permission to use patents, etc. The key factors affecting OI in a particular socio-economic and geographic framework are crucial, and one must be cautious here. Proper moderation, modification, and fine adjustments must be considered for implementing any innovative idea.
Globally, OI has been influenced by stakeholders, such as customers, workers, competitors, and suppliers. Various organisations expand their boundaries so that firms can commercialise knowledge to obtain profits. In Pakistan, it is crucial to dig deeper into the concepts that need to be incorporated into the OI framework. OI is flourishing as a ground-breaking managerial them. Thus, Pakistani organisations must utilise the concept for running production or operation units.
Dr Intikhab Ulfat
Karachi
Published in The Express Tribune, December 31st, 2022.
Like Opinion & Editorial on Facebook, follow @ETOpEd on Twitter to receive all updates on all our daily pieces.
