How Can Corporations Achieve Profitable Growth Through Innovation?

For many decades, established companies have been aware of the importance of managing innovation, usually associated with internal R&D units, in conjunction with other sources of opportunities. It is the concept of “open innovation” that Henry Chesbrough coined in the 2000's to describe “the use of purposive inflows and outflows of knowledge to accelerate internal innovation, and expand the markets for external use of innovation, respectively.” Witnessing today’s speed of innovation, this practice is more relevant than ever. The technological revolution – with the rise of promising new technology fields such as cloud computing, big data, artificial intelligence, the Internet of Things and blockchain technology – is enabling new kinds of business logic that are shaking up the status quo regardless of the industry. Certainly, the magnitude of change in industries such as traditional media, automobiles, insurance and banking