Accomplishing sustainable, breakthrough innovations within multinational corporations is attainable using “open innovation” and “innovation hubs,” according to Larry Huston, managing director and founder, 4iNNO, and former vice president of innovation, Procter & Gamble, and Tim Munoz, managing director, 4iNNO.
Open innovation, with roots in Procter & Gamble’s well-known “Connect + Develop” strategy, blends a ‘firm’s internal assets with the seemingly limitless knowledge pool outside of the ‘firm. “Open innovation is about combining your assets with the assets of the world . Put them together so that you can drive superior shareholder value for the company and satisfaction for the customer,” Huston said. One important capability for driving open innovation is the establishment of an innovation hub, which Munoz described in detail for attendees at the Mack Institute for Innovation Management at the Wharton School at the University of Pennsylvania.
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