InnovationXchange

Last updated

The InnovationXchange, also known as IXC UK, is a Lincoln, UK-based open innovation services and consulting provider, whose purpose is to identify and create collaborative business, research and policy opportunities.

Contents

History

The InnovationXchange was founded in 2003, with a business model based on the works of John Wolpert (formerly of IBM's Alpha Works and Extreme Blue) and Henry Chesbrough. [1] [2]

Originally known as the Australian Industry InnovationXchange Network, its aim was to provide an open network for improved communication across industry, government, universities and the community.

In 2004 the InnovationXchange (IXC) undertook a pilot with John Wolpert to test the concept of using 'trusted intermediaries' i.e. facilitating confidential exchange of sensitive information. [3]

The pilot demonstrated that often organisations do not understand why external parties might value their capabilities. Further, they may not have assessed their capabilities and/or considered partnerships. This pilot was supported by the Commonwealth and Victorian governments. [4] [5]

This pilot was deemed a success and in 2006, the University of Birmingham licensed the InnovationXchange model in the UK. [6]

As a publicly available example of the services IXC provide (as most work is highly confidential), in 2010 the company 'matched' Jaguar Land Rover with Bladon Jets, innovators of micro gas turbines. [7]

In 2018 the company had a change of ownership and the business moved its head-office location from Birmingham to Lincoln.

Operation

The IXC "trusted intermediary" model operated via a legal and ethical framework to enable organisations to connect with external sources of knowledge, ideas or technologies, or markets for business development, whilst protecting their Intellectual Property (IP). In practice this entailed an IXC Intermediary being embedded into an organisation and acting as both an internal and external innovation connector. Internally, the intermediary provided advice and guidance on structure and process development, helped connect sources of information and facilitated the sharing of knowledge. Externally, the intermediary identified potential solutions (technologies, materials etc.) and partners to address internally identified needs. This model operated in the UK until approximately 2017. Alongside the Intermediary service IXC developed a broad range of innovation services including technology scouting, horizon scanning, training, and partner searching which continue to be provided.

Subsequent to the 2018 change of ownership the focus of operations shifted with the decision to develop a digital platform. The Flo.How platform, launched in 2021, provides innovation tools and guidance for SME businesses and business advisers which engage with such businesses. This is a significant diversification from the original business model.

Related Research Articles

Business model Rationale of how an organization creates, delivers, and captures value in economic, social, cultural or other contexts

A business model describes the rationale of how an organization creates, delivers, and captures value, in economic, social, cultural or other contexts. The process of business model construction and modification is also called business model innovation and forms a part of business strategy.

Open innovation is a term used to promote an information age mindset toward innovation that runs counter to the secrecy and silo mentality of traditional corporate research labs. The benefits and driving forces behind increased openness have been noted and discussed as far back as the 1960s, especially as it pertains to interfirm cooperation in R&D. Use of the term 'open innovation' in reference to the increasing embrace of external cooperation in a complex world has been promoted in particular by Henry Chesbrough, adjunct professor and faculty director of the Center for Open Innovation of the Haas School of Business at the University of California, and Maire Tecnimont Chair of Open Innovation at Luiss.

The University of Warwick Science Park was one of the first university based science parks in the United Kingdom when it was opened by the Rt. Hon. Margaret Thatcher in 1984. It was a joint venture between the University of Warwick, Coventry City Council, Warwickshire County Council and Barclays. The latter are no longer shareholders having been replaced by WM Enterprise. The University of Warwick agreed in 2011 to purchase the shareholding of Coventry City Council. The acquisition was completed in 2012 and today the Science Park is wholly owned by the University of Warwick. UWSP currently covers four sites; the main campus abutting the University of Warwick, the Business Innovation Centre in Binley, Warwick Innovation Centre on Warwick Technology Park and Blythe Valley Innovation Centre near Solihull.

David Teece

David John Teece, CNZM, is a New Zealand-born US-based organizational economist and the Professor in Global Business and director of the Tusher Center for the Management of Intellectual Capital at the Walter A. Haas School of Business at the University of California, Berkeley.

Henry Chesbrough

Henry William Chesbrough is an American organizational theorist, adjunct professor and the faculty director of the Garwood Center for Corporate Innovation at the Haas School of Business at the University of California, Berkeley and Maire Tecnimont Chair of Open Innovation at Luiss. He is known for coining the term open innovation.

Birmingham Science Park Aston

Birmingham Science Park Aston, formerly known as Aston Science Park, is a science park located in Birmingham City Centre, United Kingdom. It is located adjacent to Aston University and the Eastside area.

The Arrow information paradox, and occasionally referred to as Arrow's disclosure paradox, named after Kenneth Arrow, American economist and joint winner of the Nobel Memorial Prize in Economics with John Hicks, is a problem companies face when managing intellectual property across their boundaries. It occurs when they seek external technologies for their business or external markets for their own technologies. It has implications for the value of technology and innovations as well as their development by more than one firm, and for the need for and limitations of patent protection.

Innovation Exchange

Innovation Exchange Inc. (IX) was an open innovation vendor. IX operates a website which acts as a platform for companies and non-profit organizations to present innovation challenges to a community of innovators. This community is constituted of individuals as well as small and midsize businesses. In contrast to vendors focused primarily on innovation in the physical sciences, Innovation Exchange fosters product, service, process and business model development.

Innovation management is a combination of the management of innovation processes, and change management. It refers to product, business process, marketing and organizational innovation. Innovation management is the subject of ISO 56000 series standards being developed by ISO TC 279.

Corporate venture capital (CVC) is the investment of corporate funds directly in external startup companies. CVC is defined by the Business Dictionary as the "practice where a large firm takes an equity stake in a small but innovative or specialist firm, to which it may also provide management and marketing expertise; the objective is to gain a specific competitive advantage." Examples of CVCs include GV and Intel Capital.

An innovation competition is a method or process of the industrial process, product or business development. It is a form of social engineering, which focuses to the creation and elaboration of the best and sustainable ideas, coming from the best innovators.

Before being open, innovation happened in closed environments often performed by individuals, scientists or employees. However, the expression closed innovation was coined later and not before the paradigm of open innovation became popular by works of Henry Chesbrough and Don Tapscott et Anthony D. Williams

Innovation Intermediaries is a concept in innovation studies to help understand the role of firms, agencies and individuals that facilitate innovation by providing the bridging, brokering, knowledge transfer necessary to bring together the range of different organisations and knowledge needed to create successful innovation. The term open innovation intermediaries was used for this concept by Henry Chesbrough in his 2006 book as "companies that help other companies implement various facets of open innovation".

Corporate foresight has been conceptualised as a set of practices, a set of capabilities and an ability of a firm. It enables firms to detect discontinuous change early, interpret its consequences for the firm, and inform future courses of action to ensure the long-term survival and success of the company.

Communities that support innovation have been referred to as communities of innovation (CoI), communities for innovation, innovation communities, open innovation communities, and communities of creation.

Vertical innovation is an innovation on the quality of the goods; it consists to improve the quality of items by innovation permitting to those items to access to the highest quality available on the economy. In the literature of growth it is opposed to "horizontal innovation" which in turn refers to product innovation mean the introduction of new items in the economy. 'vertical integration' and 'open innovation'. The term vertical integration describes a style of business management control, and is typified by one firm engaged in different multiple parts of a production process. Open innovation is a term promoted by Henry Chesbrough, a professor and executive director at the Center for Open Innovation at the University of California, Berkeley. "Open innovation is a paradigm that assumes that firms can and should use external ideas as well as internal ideas, and internal and external paths to market, as the firms look to advance their technology."

Mariann Jelinek is an American organizational theorist, and Emeritus Professor of Strategy at the College of William & Mary, considered an icon for her contributions in the field of management of technology and innovation.

Newton Gateway to Mathematics

The Newton Gateway to Mathematics is a knowledge exchange centre at the University of Cambridge in the UK. As a knowledge intermediary for the mathematical sciences, it is overseen by the Isaac Newton Institute and the Centre for Mathematical Sciences. The Newton Gateway to Mathematics is an intermediary for knowledge exchange for both professional and academic users of mathematics. Each year the Newton Gateway organises multiple events and workshops that feature expert speakers from various industries, governments and scientific organisations that discuss mathematical technical and models, presented by leaders from diverse backgrounds, such as the health care and finances.

Solomon Darwin

Solomon Darwin is an American professor of business and the director of the Garwood Center for Corporate Innovation and the executive director of the Center for Growth Markets at the Haas School of Business at the University of California, Berkeley. He is known as the visionary leader of the Smart Village Movement and for developing "smart village frameworks" for rural villages with the support of state and local governments in India and UC Berkeley. He published four books to support his thesis : "How to Create Smart Villages: Open Innovation Solutions for Emerging Markets", "How to Think like the CEO of the Planet", "The Untouchables" and "Smart Villages of Tomorrow: The Road to Mori" and is known as the Father of the Smart Village Movement.

Sabine Brunswicker is a Full Professor for Digital Innovation at Purdue University, West Lafayette, United States, and the Founder and Director of Research Center for Open Digital Innovation (RCODI). She is a computational social scientist with a particular focus on open digital innovation who engages with an interdisciplinary group of researchers to predict individual and collective outcomes in open digital innovation. She has written numerous research papers and books chapters on Open Innovation, and is an internationally recognized authority in the field. She chaired the World Economic Forum workshop for a session titled "Open innovation as a driver of business and economic transformation" in 2014. She is known for pioneering Purdue IronHacks, an iterative hacking initiative (www.ironhacks.com) that encourages experiential learning at Purdue University.

References

  1. ↑ Wolpert, John. "Breaking out of the Innovation Box", Harvard Business Review August 2002. Retrieved on 02 March 2015
  2. ↑ Chesbrough, Henry (2003). "Open Innovation: The New Imperative for Creating and Profiting from Technology", Harvard Business Review Press, Boston. ISBN   978-1-4221-0283-1
  3. ↑ "InnovationXchange network: towards open source innovation". International Journal of Technology Transfer & Commercialisation 2008 Vol.7 No.4 pp335-343. Retrieved 25 March 2015.
  4. ↑ "Alliances for Innovation and Economic Development" (PDF). Cutler & Company. Retrieved 30 March 2015.
  5. ↑ "Crucial Support for the Victorian Food Industry". FoodProcessing.com.au. Retrieved 30 March 2015.
  6. ↑ "Praise for Birmingham University InnovationXchange". The Birmingham Post. Retrieved 25 March 2015.
  7. ↑ "The Power Behind Jaguar's Stunning CX 75 was Uncovered by Their Open Innovation Experts: IXC UK". The Auto Channel. Retrieved 7 March 2015.

Further reading

This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.