Open innovation: A strategic imperative for non-linear growth

Non-linear business growth is a Holy Grail for executives today. There is a constant need for identification of newer business models, blockbuster products and excellent talent in breaking the linearity paradigm. The latter half of the 20^th century has seen some of the major breakthroughs resulting into a significant surge in productivity. Some of these were technology, quality, adoption of management disciplines, inorganic moves and information technology, among others. As these were good practices, and were easy to ape, many of these got duplicated far and wide. Firms got hit with the wall of marginal utility. Innovations emerged increasingly important for firms to gear up to the opportunity and break the linearity paradigm. It helped firms introduce disruptions, giving them a huge advantage which was difficult to copy. Courtesy, proliferation and globalization, closed paradigm of Innovation got severely challenged, causing a need to look beyond firmpsilas own innovation value chain. This open paradigm of innovation required newer technologies and catalysts to create a crucible to ideas, talent and capital, coming from various sources. The paper discusses various models successfully practiced by leading organizations in achieving a non-liner business growth through open innovation. Also are discussed enabler of open innovation, catalysts, measurement parameters and other practices. This paper would make a good read for students and practitioners alike and would encourage them to collaborate systematically.