Current Innovation Strategy and Business Model of Bedeck – Part 2 (GC062)
Use innovation theory and models to provide an analysis of the organizations’ current innovation strategy
Open innovation vs. closed innovation in Bedeck
Drucker (2015) classified four types of innovation: radical innovation, breakthrough innovation, evolutionary innovation, and incremental innovation. In addition, there are different types of flavors of innovation such as open innovation and closed innovation.
According to Chesbrough (2015), open innovation is a type of innovation where a business takes helps, ideas, and sources from the people outside the business organization. As Michalko (2014) notes, these people are mainly customers, business partners, and crowdsourcing counselors. Innovation is a kind of collective problem-solving process in terms of the opportunity or need of a market. On the other hand, Medina (2016) stated that closed innovation is a type of innovation where a business organization uses its internal R&D and/or talents to manage the lifecycle of innovation.
Current innovation strategy of Bedeck
Bedeck highly involves open innovation in comparison to closed innovation. The innovation strategy of Bedeck is analyzed as follows:
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The value of open innovation along with closed innovation is increasing in Bedeck business
The open innovation does not lie in any particular industry or business organization, which is growing rapidly to a wider extent. According to Drucker (2015), this innovation also lies in organizations that can practice their innovation by breaking down their bureaucratic culture. Bedeck is rejuvenating its business by applying open innovation and breaking down its bureaucratic culture. In addition, Bedeck is achieving economies of scale by collaboration.
Furthermore, Bedeck get an advantage from the open innovation to engage its customers/partners within the business and take the outside-in perceptions. On the other hand, Bedeck has huge internal resources including the R&D department and talents to improve closed innovation. However, Bedeck faces difficulties in the way of transforming both open and innovation into bureaucratic corporations.
Bedeck can determine what can be open and what can be closed
The terms “Openness” and “closeness” are the decisions that rely on the design of a new product generation model. According to Drucker (2015), different from the other “open” plans, like open source, open innovation does not provide the assumptions of total information openness. In addition, there are no obligations of renouncing property in the open innovation model. Bedeck applies the information sources which are available to develop a strong innovation pipeline to maintain the effectiveness of innovation management………………….
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