IP and Open Innovation—Managing Technology Push and Pull

Growing technology convergence and speed to market drives the need for a broader set of accessible technologies and IP. This creates market opportunities for increased technology collaboration as some firms and organizations can find expanded uses for their existing technology portfolios (i.e. technology push) whereas other firms look to resolve innovation gaps from sources outside of their own in-house operations (i.e. technology or market pull). Firms need to generate a sophisticated understanding of their future innovation needs based on an integrated approach that combines business, technology, and IP strategy. All technology driven firms are pushed to move from a closed to an open approach to innovation to remain competitive. To succeed, they need to consider all possible sources of innovation, both for development and commercialization. Fundamentally, open innovation is a strategic IP management approach that needs to be governed explicitly, not implicitly.