While “open innovation” has had a tremendous impact on the practice of innovation since it originated in Henry Chesbrough’s 2003 book, most of the research on and practice of open innovation has focused on products. Meanwhile, services are a major portion of the economies of the US and other developed countries, and are witnessing explosive growth even in Big Emerging Markets such as China and India.
Starting from fundamental concepts of value creation, Chesbrough shows how a customer-centric view offers oportunities for innovation and services that are obscured by the traditional value chain model. He shows how greater specialization enables win-win scenarios for both companies and their customers, as firms better understand their customer needs while leveraging economies of scale and scope to meet those needs better than customers themselves can do so.
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