Open Innovation in Practice

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Abstract:

By combining internal and external competencies and knowledge, both in R&D and marketing, the multinational life sciences and performance materials company DSM is opening up its innovation process. DSM recognizes that successful, profitable innovation depends upon teamwork and an entrepreneurial culture. The presence of a business group dedicated to business development and venturing testifies to the increased importance of speeding up innovation at DSM, using both internal and external leads at all stages of new business development. During this process, different management styles are required, ranging from a scientific approach in the early stages, to an entrepreneurial attitude in the early phase of commercialization, to a more risk-adverse mindset once the business has matured. As DSM understands it, innovation is a culture, not a process.

Keywords: BUSINESS DEVELOPMENT; CREATING VALUE; OPEN INNOVATION; VENTURING

Document Type: Research Article

Publication date: July 1, 2005

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