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