Front End Management New Product Development
Open innovation -- Methodology, Decision making -- Mathematical models, Crowdsourcing, New products -- Management -- Case studies
Open innovation has been one of the most sought out ideas in gaining knowledge. However due to the many options in open innovation (OI), selecting which approach in new product development is very difficult. This article breaks down open innovation into three different types of open innovation approaches and provides a suggested framework for organizing and choosing one of the three open innovation methods for pursuing new product development ideas. The framework is created using a Hierarchical decision model (HDM) fed by criteria that would surround a company that has moved past the ideation stage and is actively seeking extra-organizational solutions or partners. This framework helps simplify the OI decision making process by analyzing complex multi-criteria decisions per project base. The HDM model presented was validated by comparing the decision made in real cases with the HDM projected OI selection. However, even though the evidence provides support for this OI selection, the HDM criteria is limited to one industry represented in the case studies and can be adapted.
Bryant, Nathan; Her, Pengsee; Eyetsemitan, Roli; and Chen, T. Gordon, "A Suggested Framework for Selecting an Open Innovation Method" (2016). Engineering and Technology Management Student Projects. 70.