It may be apparent that your company needs to make a gradual shift from innovation initiatives that are centered on internal resources to those that are centered on external networks and communities. However, how well prepared do you think your company is for harnessing the creative power of the Global Brain? 

Most executives have a very limited understanding of the landscape of externally-focused innovation, and how exactly their firm should take advantage of the dizzying array of opportunities to partner with external actors. The authors of The Global Brain identify three broad sets of challenges that companies will need address to succeed in this:

Mindset and Cultural Challenges: The first critical issue that senior managers need to address relates to the broader implications of adopting a network-based approach to innovation. What type of broad framework or mindset should be developed that reflects the organization’s intent to collaborate with outsiders and defines the broad parameters for such collaboration? How should senior managers communicate and encourage other members of the organization to adopt such a “mindset”? How should the company manage the cultural shift needed to overcome the “not-invented-here” (NIH) and the "we-know-everything" (WKE) syndrome?

Contextualization Challenges: The second set of challenges relate to the landscape of network-centric innovation – developing a deeper understanding of the various innovation opportunities that exist and relating them to the firm’s own unique innovation context. What are these different approaches or models of network-centric innovation? Is there a systematic way for a company to evaluate and select the most appropriate approach vis-à-vis a particular industry or market context? What role should a firm play in the innovation network – a lead role or a supporting role?  Which internal innovation projects are most appropriate for such a collaborative approach?

Execution Challenges: The third set of challenges relates to the actual implementation of network-centric innovation projects. When an appropriate network-centric innovation opportunity has been identified, how should an organization go about executing it? What are the organizational capabilities and competencies that a company needs, given the particular role it will be playing in the network? How should a company integrate its internal and external innovation processes? What benefits can be expected and how can they be measured? What are the potential risks of opening up innovation and how should those risks be managed? How should a company protect as well as promote its intellectual property assets?

To evaluate your company’s level of preparedness to tap into the Global Brain, ask yourself the above set of questions. How confident are you with your answers? The Global Brain is aimed at helping you to understand these issues and to devise your own personalized roadmap to success in executing external network-centered innovation initiatives.