Open innovation is an interesting concept in product development for the reasons that you mentioned above. I wonder to what extent you are able to control some of the concepts that we have discussed in marketing. For instance, if you wanted to segment your market in a certain way, how do you ensure through this process that you are touching the right group of people. Delving deeper into this concept, the people that will be more involved in this process I suspect will likely be younger therefore if you are interested in an older demographic, how do you reach that population in your product development process?
It is very interesting how through machine learning companies can guide our content consumption. As you mentioned, through positive feedback loop, it seems that they are perpetuating our historical viewership preference. While this is great because it ensures that viewers are happy, how do you incorporate new content or exploratory genres? This would essentially guide viewers to areas of interest that are currently not exploited. While there is a risk to such strategy as Netflix could push negative content, it could also provide an area for increased utilization for the platform. The benefit to Netflix would be that it would alleviate the pressure of having to generate new content constantly. Customers would therefore have a lot of new content that they have not previously explored. Great job.
Great article. As data becomes more pervasive in all aspects of our life, it becomes critical to collect as much quality data as possible in order to detect what are the key variables that will create a competitive advantage. As you highlighted, they currently have little data to have enough of a sample set to isolate key performance drivers. Many times, clubs sponsor junior league clubs which might be a prime arena to incorporate sensors and understand what are the key variables that drive players to become more successful.
It’s interesting how new technologies are only able to maintain their age during a short period of time given that incumbent competitors are able to replicate technologies relatively fast thereby reducing the original edge. With that said, the process of additive manufacturing, while increasing in adoption, it is still relatively new. The next phase of additive manufacturing will likely be driven in the type of material that is used. Additive manufacturing for different materials requires different technologies. In other words, additive manufacturing for metal is very different than plastic. Apparel companies will therefore be able to use materials as a new competitive edge in a world where additive manufacturing itself becomes more common place.
Good job on this Viria. Regarding your question, I think that open innovation can be widely adopted as a source for innovative ideas to supplement organization’s current ideation process. This would essentially break some of the group thinking problems that happen in organizations thereby providing a fresh perspective to a problem that might be completely foreign to the person providing a solution. With that said and to your point, it is necessary to have ownership at each organization in order to have implementation of the open innovation.