What are virtual communities? How do they operate? How can they help expand markets, increase visibility, and improve profitability? What effects have they had on business models and marketing strategies? John Hagel discussed these issues in his keynote speech at the Direct Marketing Association's 1998 net.marketing Conference held April 1998.
The signs are around us. We are on the cusp of a shift to a new common sense model that will re-shape many facets of our life, including how we identify ourselves, participate with others, connect with others, mobilize resources and learn. This paper will focus on only one facet of this new common sense model emerging approaches for mobilizing resources.
Open innovation has become the latest management buzzword. We would have to look long and hard to find an executive who does not agree with the basic premise of open innovation that success in coming up with creative new value to offer to the marketplace depends upon connecting effectively with other companies. Executives realize they simply cant do it alone. Virtually all of them now buy into the wisdom of Bill Joys observation that there are always more smart people outside your company than within.
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