I have always respected Nokia which I consider to be a quite innovative company. Lately, I have been wondering how they approach open innovation so I did some research on their activities.
"The sourcing, integration, and development of product and business system innovations through win-win external partnerships to capture maximum commercial value for R&D investment."
Kari-Pekka Estola also argued that open innovation is a critical trend and not yet another management fad due to these reasons:
Innovation happens in smaller companies, global innovation hotspots and increasingly influential user communities.
Several factors such as workforce mobility and venture capital are eroding the ability of corporate research labs to contain their useful knowledge.
A new breed of independent research labs create a new source of R&D development.
"Innomediaries" - innovation intermediaries - are enabling an increasingly active and distributed market for ideas.
Open Innovation and Nokia - A Good Match?