OPEN MODEL INNOVATION

As companies attempt to do "more with less" and increase the speed and number of products they bring to market, many are opening tip their business models to a much larger ecosystem of "partners." However, this also means addressing issues infrequently encountered in traditional closed systems. Careful consideration of the cultural fit of the organizations, the contractual and intellectual property ownership terms of the relationship, and the competitive implications of working together need to be assessed These, in turn, encompass a number of factors that companies need to keep in mind as they evaluate and implement co-development and other open innovation models to improve their chances for success.