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Handelshögskolan vid Karlstads Universitet |
TITLE OF THE WORK: The Luxury of Open Innovation: A Case Study of Whirlpool Prepared by: Family name | Given name | Shurrab | Hafez …show more content…
Before any idea goes through development, there is always a need to set a number of fundamental questions that must be answered before setting a suitable business model to be followed. Such questions include asking for information about target customers, goods or services to be offered to customers, how the offered products and/or services create competitive advantage over the other players in the market, how the product will be delivered, and finally how such innovative idea will add value and handle the company’s growth (Muller et all, 2012 …show more content…
It is surrounded by high uncertainty, and could be money and time wasting. Innovation users are central in open innovation, where suppliers, retailers, consumers, and other outsiders become innovation players. A real case of products that have been introduced to the market as innovative products is informative for how integrating innovation is effective. Whirlpool, as one of innovation leaders worldwide, adopted open innovation with the main purpose of streamlining and accelerating the path to market. In addition to achieving these objectives with several new product startups, Whirlpool has also gained another benefit to open innovation. In the early days of innovation at Whirlpool, one of the considerations in choosing opportunities to pursue was the existence of the necessary competences within the company to produce and deliver the innovation. The question concerning with if Whirlpool have the competences to pursue this opportunity has been followed by who else could provide the necessary competences to pursue this opportunity if they do not have them. By changing the context to competences within Whirlpool, or any organizations, the company is now pursuing and considering a number of opportunities that would have previously been rejected, and they are successfully expanding their business to adjacent spaces through the help of open innovation
TITLE OF THE WORK: The Luxury of Open Innovation: A Case Study of Whirlpool Prepared by: Family name | Given name | Shurrab | Hafez …show more content…
Before any idea goes through development, there is always a need to set a number of fundamental questions that must be answered before setting a suitable business model to be followed. Such questions include asking for information about target customers, goods or services to be offered to customers, how the offered products and/or services create competitive advantage over the other players in the market, how the product will be delivered, and finally how such innovative idea will add value and handle the company’s growth (Muller et all, 2012 …show more content…
It is surrounded by high uncertainty, and could be money and time wasting. Innovation users are central in open innovation, where suppliers, retailers, consumers, and other outsiders become innovation players. A real case of products that have been introduced to the market as innovative products is informative for how integrating innovation is effective. Whirlpool, as one of innovation leaders worldwide, adopted open innovation with the main purpose of streamlining and accelerating the path to market. In addition to achieving these objectives with several new product startups, Whirlpool has also gained another benefit to open innovation. In the early days of innovation at Whirlpool, one of the considerations in choosing opportunities to pursue was the existence of the necessary competences within the company to produce and deliver the innovation. The question concerning with if Whirlpool have the competences to pursue this opportunity has been followed by who else could provide the necessary competences to pursue this opportunity if they do not have them. By changing the context to competences within Whirlpool, or any organizations, the company is now pursuing and considering a number of opportunities that would have previously been rejected, and they are successfully expanding their business to adjacent spaces through the help of open innovation