Why you aren't ready for open innovation

While open innovation is vital for success, most firms do poorly at managing internal innovation and defining innovation for their organizations. Companies often prefer fast adaptation of existing models over considering what the best approach to innovation is and how to align capabilities to the approach. Organizations also struggle with managing idea generation and understanding the implications, definitions, and different approaches to open innovation. For open innovation to succeed, businesses must value external and internal ideas equally and define their innovation process with clear metrics. Advocates should also understand that open innovation is not a one-size-fits-all approach.