What Is Open Innovation 2.0 and Why Does It Matter?

Open innovation 2.0 widens the scope of open innovation, allowing for innovation to occur in ecosystems or networks that go beyond traditional organizational boundaries. This model emphasizes the importance of collaboration with diverse stakeholders, including individuals, organizations, universities, and governments. The key takeaways for businesses looking to implement open innovation 2.0 include networking, learning and staying up-to-date, cultivating diversity, and being a front-runner. Companies that participate in open innovation 2.0 ecosystems benefit from engaging smart people outside of their organization, scaling open technologies quickly, and getting to know potential users and partners. They also have the opportunity to learn from the mistakes of others in the network and gain new insights. Embracing diversity is also important to achieve breakthrough innovations, both in terms of disciplinary and cognitive differences. Finally, being a front-runner in specific areas of the network can provide businesses with a head start over the competition.