A large number of companies are using licensing, joint ventures and strategic alliances to increase output from their innovation processes. They are including their customers, vendors and even their competitors in the innovation processes. This open-market approach to innovation improves speed, cost and quality of innovation. It lets companies set realistic market values for their internal ideas. Importing new ideas is a good way to enhance the innovative capability of the company. Companies that collaborate with outsiders on their R&D have more ideas to choose from and different kinds of expertise available to them.
Tetra Pak took help from outsiders in developing its breakthrough product, Tetra Recant, which makes it possible to sterilize paperboard containers filled with soups, sauces, fruits and vegetables. Exporting ideas is a good way to earn revenues and keep creative people motivated. IBM earns a huge amount of revenues in royalties from the patent it exports. People in IBM understand that if they do not act fast on a promising idea it will be offered to outsiders, even competitors. Exporting ideas gives companies a way to measure the innovation’s real value and to ascertain whether further investment is justified. Eli Lily offers licenses for compounds under development, when the therapeutic and business value of the drugs is still unclear. When outside laboratories do not show interest, the company knows there is not much potential in the compound.
Exporting and importing ideas help companies clarify what they do best. Companies often believe that their core business is broader than it really is. A sustainable core competency lets the company produce something at a lower cost or at higher quality than other companies in the open market can. When a company tries to weigh its capabilities relative to competitors, it discovers that it is strong in some areas which it should pursue whereas it should wi6thdraw from the rest as others have more capabilities in them. But there are real dangers in sharing innovations. Xerox gave away a stream of innovations from computer mouse to the graphical user interface and other companies capitalized on them.
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