How to Compete in the Services Economy Era

More than half of all global economic activity comes from services. The number is closer to 80 percent in the U.S. alone. It’s a services economy, and to successfully compete, businesses of all kinds and sectors must reinvent themselves as innovators in services. Henry Chesbrough challenges leaders to avoid the commodity trap, and to think of customers not as purchasers of goods, but as co-creating partners in an evolving relationship. Those whose organizations master new service innovation models, and build or add the requisite new capabilities, he promises, will reach levels of success never before experienced in their market or industry. In this talk, Chesbrough draws from his Open Innovation Playbook to show how a customer-centric view offers opportunities for innovation and services obscured by the traditional value chain model. Using a plethora of examples – from Amazon and Google to GE and LEGO – he maps out a strategic approach and proven framework that any individual, business unit, company or industry can put to work for renewed growth and profits.

Combating Pharma’s Productivity Crisis with Open Innovation

Gone are the days when in-house R&D muscle alone could dominate markets. Today, companies of all sectors must look beyond their walls to thrive – and pharmaceuticals are no exception. The industry’s product pipeline is soft; companies are spending more and more money in R&D but getting fewer drugs out of their investment. It’s a crisis of productivity that Henry Chesbrough believes can be fixed by replacing pharma’s blockbuster business model with that of open innovation. He explores its trends and limitations, using examples of how it’s already working for companies like Millennium and Genyzme, and how others can benefit – from experimenting with academic collaborations, licensing deals, spin-outs and acquisitions. What used to be a marathon, he says, is now more of a relay race. And it’s helping to strengthen the financial stability of the pharmaceutical industry while delivering added value to patients.

Unleash Growth Through Business Model Innovation

Just as organizations must innovate and improve technologies, products and services, they must also evolve and transform their business models. Yet, most companies that spend millions on product and service innovation, typically lack the budget, process and organizational structure to invest in the business models that will commercialize the results of their research and development. Henry Chesbrough believes enhanced business models can often beat good technology, and make the difference between a company’s success and failure in the marketplace. Citing compelling examples, such as Google, he dissects the challenges of business model innovation and explains why – and how – leaders must experiment (not plan) their way to better business models. How companies do business will often be as, or more, important than the goods and services they produce.

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Internationally acclaimed author and speaker, Dr. Henry Chesbrough is the creator of one of the most influential theories of modern business – open innovation. He first coined the term in his 2003 award-winning book, “Open Innovation: The New Imperative for Creating and Profiting from Technology” (Harvard Business School Press, 2003). His insights into open innovation models […]