Please help me answer and give feedback (3-5 sentences)

1. According to Kang and Kang (2009) external knowledge is very important when it comes to technology innovation. Many firms are changing from closed innovation to open innovations, in open innovation the organization is using external sources for successful innovation (Kang, 2009). Some of these methods are; information transfer from an informal network, R&D collaboration, and technology acquisition. The benefit of using information transfer from an informal network is that it is a relatively low cost. The downside to this method is that the knowledge being transferred is relatively invaluable.

The benefit of using R&D collaboration is that it is an effective way to transfer knowledge and an organization also benefits from risk sharing. The negative to R&D collaboration is the high cost coordination. When using technology acquisition the benefit is a fast acquisition of the knowledge needed. The down side to this method is a risk of failure of commercialization (Kang, 2009). Organizations require and also benefit from relationships that persist over time than they do from new relationships (Dahlander & MacFarland, 2013).

As we have previously discussed, R&D is a huge contributor to innovation within an organization. When you can collaborate with the R&D departments of other organizations, this benefit can be multiplied. If you were the CEO of an organization, would you participate in this type of collaboration? What types of limits would you set? Do you see any risks involved?