Future X and Open Innovation at Nokia
Anticipating the technical revolution around the corner, Nokia took a longer view and made a strategic shift to become a wireless-equipment company. Recognizing limitations in its research, manufacturing, and human capabilities, Nokia invested in open innovation to improve product development. In 2014, Nokia scaled down its Research Center from 1,300 people to 80 people and acquired Bell Labs, whose culture centered around innovation. Bell Labs has 17 research centers and a Nobel Prize-winning team. It launched Bell Labs Prize competition to encourage innovators around the globe to create 10x game-changing ideas and proposals in the general field of information and communications technologies. By leveraging open innovation, will Nokia achieve Future X? What are some challenges it should anticipate?