An Open Innovation Business Model Commerce Essay

An Open Innovation Business Model Commerce Essay It is very important to know what innovation is before we can further proceed in answering the question. An innovation is a product or service with a bundle of features that is new in the market, or that is commercialized in some new way that opens up new uses and consumer groups for it. Innovation is invention implemented and taken to market (Chesbrough 2003). Invention however is the creation of something that was previously unknown (Chesbrough, Vanhaverbeke et al. 2006). In summary, INNOVATION= INVENTION+COMMERCIALIZATION. Today companies who, want to deliver consistent organic growth to their shareholders, customers, and their employees can do that only through innovation (Chesbrough 2006). So what is â€Å"Open Innovation†? Illustration 1: Concept of open innovation â€Å"Open innovation is the use of purposive inflows and outflows of knowledge to accelerate internal innovation, and expand the markets for external use of innovation, respectively. [This paradigm] assumes that firms can and should use external ideas as well as internal ideas, and internal and external paths to market, as they look to advance their technology.† (Henry Chesbrough, Open Innovation: Researching a New Paradigm). As mentioned by Chesbrough, there are a total of 5 paths to â€Å"Open Innovation†. Firstly, the old fashion model. It work like a fortress, the firm will take ideas internally to market. This path works the same as a closed innovation concept. The second path would be opening up the abilities for others. This can be achieved by bringing in ideas internally; ideas that does not fit into the firm business but might be useful for others. The third path would be acquiring ideas externally. Ideas are everywhere; firms can acquire ideas from university, individuals, start-up companies and etc. They can then come out with new opportunities and solutions using these acquired knowledge by taking them to a new market; a market that the firm might not have got ten into. The forth path would be to bring in external technologies and ideas to fill the gap that the firm might be facing problem with. Without open innovation, companies might need to use more resources to fill the gap. Lastly, an internal project that does not look promising until a certain level of development can be taken out and allow the team to continue working on it outside. This process can help to raise new money, acquire new customer and hire new employees (Specialist) to further develop the project. At certain point, if it seems feasible and viable, firms have the option to bring the project back if it turns out to be strategically interesting. The 5 paths are very important in helping use to understand why firms are moving towards the open innovation business model. The opposite of Open Innovation-The Closed Innovation In order to understand â€Å"Open Innovation† better, we will need to know the opposite of it- the â€Å"Closed Innovation†. In short, â €Å"Close Innovation† is a paradigm that successful innovation requires control and ownership of the Intellectual property (IP). A company should have full control of everything that relates to ideas. Some companies therefore decided to run their own research and development (R&D) units. The entire new product development cycle was then incorporated within the company where innovation was done in a â€Å"closed† and self-supporting way (Wikipedia).

Emotional response Assignment Example | Topics and Well Written Essays - 250 words

Emotional response - Assignment Example Priceline enables the customer to choose from 165,000 hotels in addition to being able to carry out all the booking transactions online. Additionally, the website enables the customer to accomplish several other activities such as check the status of any bookings as well as receive alerts in case of won bids. Moreover, the customers can also give feedback on different services. The website appeals to the customers who may be willing to make last minute flight bookings or even compare prices in different hotels worldwide. Priceline’s website plot is appealing since all the services are organized in columns, which makes it easy for customers to access and scrutinize. On opening each column, it becomes even easier for the customer to analyze the services offered by Priceline in different regions of the world. The website contains navigation tools that enable the customer to access further details on each specific service. Additionally, sections such as vacation packages display images that add to the strength of the

Great Patriotic War Essay Example | Topics and Well Written Essays - 2500 words

Great Patriotic War - Essay Example The Soviet Union (Filtzer, 2002) soldiers in the front lines were caught by surprise. In fact, the German army's blitzkrieg (lightning) attack easily toppled the Soviet Union soldiers in the first few months of the attack because they were surrounded, cut off from supplies, backup troops, and war materials and thereby forced to surrender to the advancing mighty German Army. German forces reached the gates of Leningrad in the North in September 1941. Germany had already overrun Smolensk in the center of Leningrad and took control of Dnepropetrovsk in the South of Leningrad. German Soldiers have reached the vicinity of Moscow, which is the Seat of Government of the Soviet Union in December of 1941. However, after months of fighting inside the big expanse of the Soviet Union territory, the German army realized that they were just humans. They had reached their maximum stamina, finally grew tired, and out of breath because the cold winter months had finally arrived. The German soldiers were not supplied with much needed food and other war supplies to fight in a winter war arena. The German army had been cut off from their supply lines because they had gone too far and deep into Soviet Union territory because Moscow is almost a thousand miles away from Berlin.It was in the autumn of 1941 that the German invading army made attempts to capture Moscow. The battle occurred between October 30, 1941 to April 20, 1942 which is one of the greatest battle wins that the Soviet Union will forever be remembered.During the autumn of 1941, around twenty eight soldiers from the 316th rifle company led by General Panfilov built a foxhole on a hill between the village of Nelidovo and Dubosekovo t o hold the German Advance to Moscow. With the use only of sub machine guns, rifles, incendiary bottles and grenades, they fought an uphill battle against twenty German tanks and infantry. Fourteen German tanks were destroyed which made the Germans retreat. The Germans then made a second attack with thirty tanks but the Moscow defenders destroyed eighteen thanks and killed and maimed many Germans. The Germans retreated for good. The Soviet Union professor Vasily Klochkov-Diev tied a rope of grenades around his waist and jumped while shouting "Russia is large, but there is no place to retreat. Moscow is behind us." under the German tanks destroying them. Other soldiers followed his example and only five Soviet soldiers survived to tell the tale of their Great Patriotic War.From October to December of 1941, thousands of residents of Moscow constructed many leveled fortifications around Moscow and also mined the roads and bridges to