Innovation networks: good ideas from everywhere in the world

Abstract

Purpose

With more companies working to innovate across corporate boundaries, protecting intellectual property is becoming a much bigger issue. The authors find that the best way to handle this threat is to face it head‐on.

Design/methodology/approach

While co‐sponsoring an innovation awards program the authors saw first‐hand some of the skills and attributes of up and coming innovators in the UK. From observing leading firms they developed practical steps that underpin a successful innovation network and can help protect intellectual property.

Findings

The authors defined and tested four practical best practices that firms can use in the ideas‐to‐market race, in which many of the best and most innovative products and services (and their inspirations) come from new and varied sources.

Research limitations/implications

The authors offer short snapshot case examples. Longer cases and research over a longer time frame would be valuable.

Practical implications

Managers will want to follow these best practices: know your partners; structure the relationship so all parties, particularly aspiring innovators, are treated as valued partners; define mutual benefits; and establish performance targets and offer incentives

Originality/value

Open innovation is one of the newest strategic management tools. This is one of the first articles to describe how to manage it effectively based on experience.

Citation

Fowles, S. and Clark, W. (2005), "Innovation networks: good ideas from everywhere in the world", Strategy & Leadership, Vol. 33 No. 4, pp. 46-50. https://doi.org/10.1108/10878570510608040