Dr. Konstantinos Chatzisavvas Konstantinos holds B.Sc, M.Sc. and Ph.D. in Physics (Aristotle University of Thessaloniki, Greece) while he worked as a Visiting Scientist at the Department of Applied Mathematics and Theoretical Physics-Cambridge University, UK, and the Czech Technical University in Prague, Czech Republic.
He is in charge of designing structures and tools for systems, which meet business needs. He investigates operational requirements and problems, does critical analysis, writes up and presents novel research data (machine learning applications, recommendation systems, data mining and analysis).
Innovation processes are typically broken down into three stages during which the business model elements are conceived and elaborated:
1. Idea-generation. Gathering insights about consumers and their needs, and then generating or identifying potential ideas –new products, services, or technologies– that address these insights.
2. Idea-development. Transforming the most promising ideas into market-ready business opportunities.
3. Commercialization. Testing early hypotheses about the opportunity, adjusting the business model based upon new insights, and scaling the opportunity for launch.Open Innovation is the use or purposive inflows and outflows of knowledge to accelerate internal innovation, and expand the markets for external use of innovation, respectively. This assumes that firms can and should use external ideas as well as internal ideas, and internal and external paths to market, as they look to advance their technology.
The concept is more effective in today’s world where availability of private venture capital along with a huge pool of mobile talent has made it possible to innovate beyond the secluded fortresses of dedicated labs. Companies on the other hand can gain through successful partnerships that utilize its investments in research making the proposition a win-win situation for both.
Open Innovation has become a dynamic term that has varied applications and interpretations. It is therefore interesting to investigate when, how, and why a company approaches Open Innovation as a strategy.