Overcoming the most common open innovation challenges

Open innovation is a powerful way to boost innovation in companies. To overcome its legal challenge, companies need to provide training to key people, create an IP strategy, and increase collaboration in new product development. Operational challenges include fear that open innovation cannot be closed or when partnerships end abruptly, but companies can overcome this by controlling the environment, designing flexible agreements, and being selective with partners. Strategic challenges include miscommunication and lack of resources, which can be tackled by scaling open innovation initiatives gradually, engaging experienced partners first, and utilizing open innovation software. Finally, companies can overcome cultural barriers by inspiring and incentivizing open innovation and collaboration, using open innovation leaders as role models, and creating a culture of collaboration.