Eli Lily's Open Innovation Strategy

Topics: Investment, Rate of return, Open innovation Pages: 2 (674 words) Published: July 2, 2012
Hanh Huynh
May 14th, 2012
MIS 386
Assignment 5 Written Report
Part A
First, maximization is the challenge of the company to maximize the returns to internal innovation. Eli Lily has established the culture of open innovation. The company has participated in an extensive and powerful network of Research of Development partnership. This helps the internal capabilities as well as innovation to bring more products to the market as well as generating more revenue. Secondly, they address the issue of incorporation by turning to collaborative product development as well as collaborative PD. They develop a holistic set of alliance management processes and metrics in order to provide a reliable and non-stop stream of external ideas for new products. The management team started to outward looking. This would enable the company to have a sustainable alliance management capability. This will help the individual alliance managers oversee the key partner relationships and make sure that their goals for each alliance are met. Moreover, Eli Lily also collaborative with Innocentive to create a tool called Innocentive @ Work to access the knowledge and expertise inside the company by matching up internal solver. Thirdly, the company work to insure that this stream of external innovation is replenished is the motivation challenge. As Eli lily has establish the sustainable alliance management capability. This has three level of maturity: externally aware, fully integrated and ecosystem orchestration. To leverage information systems in open innovation strategy, in my opinion, companies should design a team lead that can develop skills necessary to identify, and evaluate disruptive innovation so that they can open more innovation from the inside. Companies can also use Innocentive@work like Eli Lily implement to help employees identify problem occurs and address them to internal expert. The advantage of this type of network is that they provide a broad source of inputs...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • open innovation Essay
  • Open Innovation Essay
  • Open Innovation and Microsoft's approach to it Essay
  • Innovation Essay
  • Innovation Strategy Essay
  • Innovation Strategy Essay
  • Strategy Essay
  • Essay on Open Innovation

Become a StudyMode Member

Sign Up - It's Free