Open Innovation Model

Writing an assignment on technological strategy and open innovation model? Read on for assignment help on this topic by professional writers from a UK essay writing service.

Innovate!

Innovate!

Companies decide on taking up innovations based on their technological strategy. It becomes important that the strategy chosen will help the company in choosing an innovation to differentiate itself from fellow companies. This is done by using technology to respond to changing trends and customer expectations with the help of existing resources. Constantly innovating is the key for a business to become market leaders. Innovating within the firm’s limits has become an old concept against which more and more companies are changing to open model of innovation. The article aims at helping students to understand a new perspective to the concept open innovation model and use the same as their assignment topic.

With the increase in number of researchers and experts being available easily to companies to provide innovation ideas, companies are taking up steps to increase availability of capital to help make the innovation idea, a practical product or service. This is done by the company with the help of technology to innovate and find new markets as well as to penetrate old markets.

The internal as well as external resources such as research ideas, technology and capital are used to create innovative ideas to make the company’s market presence felt better. Companies need to encourage employees to develop new products and services or give value addition to existing product line. This is about internal sources of innovative ideas. The companies need to make best use of external ideas too to create value from innovations and have set strategies for using the innovation to know, how to generate a new product with internal or external elements. This is seen being used by companies where research and development is very important such as health, pharmaceuticals, electronics, information technology etc.

Open innovation model and technology strategy assignments are not just technical but are best done if you avail help from a professional UK assignment writing service. Read on for more points on how you can improve your essay.

Open innovation helps in getting the innovated product faster to the market thereby reducing risk of innovation. Also it helps in lowering of research and development costs. This also helps in getting competitive advantage over other companies.

Companies are pooling their external as well as internal skilled resources and other knowledge based resources to make innovations more open and easily implementable. They also encourage their researchers to develop their knowledge levels using internal and external information sources. They offer employees incentives in doing the same which further helps in employee retention too.

The concept of intellectual property has picked up momentum due to the open model of innovation since companies have started keeping their research ideas open. The best example of a company which has kept its key resource open is Google. This is a case of open source software initiative. There are other companies such as Procter and Gamble who too have taken up open model of innovation.

With the help of professional assignment writers of our company, students can now have access to distinctive case studies to explain how technological strategy and open innovation model have been implemented by companies.

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