A Guide to Open Innovation Acronyms
Posted by mdf4u on May 13, 2010
The following are some Open Innovation acronyms. Do any of these seem familar?
SIP (“Submit Idea to Portal”): Technology providers will commonly be requested by corporate open innovation representatives to “SIP” when they seek feedback on their external innovation candidate. Proper Usage: John: You’re going to love my new innovation. Mary: I’m sure it’s wonderful. Please SIP it.
ROB (“Run Over By Bus”): Used by technology provider to describe a technology intermediary who does not respond or provide a timely update on the status of their submission’s candidacy. Proper Usage: John: I SIP’d my innovation 6 weeks ago. Edith: Sounds as if you’ve been ROB’d.
WOG (“Works out of Garage”): WOG refers to the dynamic and colorful characters that populate the inventor world, and whose early work is often conducted in humble environs. WOGs are a necessary and occasionally welcome segment in the total technology supply mix. Proper Usage: Mary: Have you had a chance to speak with the inventor of that time travel device? Gary: Yes. He’s quite smart and a real WOG.
NFBU (“Not Found by Us”): NIH describes the denigration of external technologies by corporate employees who feel threatened by them. NFBU represents a version of NIH practiced among employees whose roles can involve adoption of external innovations. With NFBU, an influential person (e.g. person in charge) can champion select technology leads. Leads lacking this advocacy are considered NFBU and tend to become disqualified from consideration when unable to fend off challenges to their candidacy. Proper Usage: Mary: I like both ideas. Which one do you prefer? Edith: I like them both, too. But, let’s drop the DIY brain surgery kit. It’s NFBU.
LSD (“Looking for Sugar Daddy”): Early stage (and often naïve) technology developer seeking a heavily resourced partner to shoulder the cost and risk of completing development and to commercialize their innovation. Also may be a WOG. Proper Usage: Kurt: This LSD must be smoking something.
POP (“We Pay Only For Performance”): Typically uttered by technology providers, though sometimes also by technology seekers. Used when the party will agree to compensate the service provider only in the event that the desired result is achieved. It reflects a desire on the part of the client to not assume any risk in a business development endeavor conducted in their behalf. (Not surprisingly, I don’t sign up for many of these so-called “opportunities”). Proper Usage: Ted: Michael, sell it in and we’ll both be rich! Michael: I’ll pass on the POP, Ted.
OI? (“Do You Own It?”): In open innovation, technology candidates can often become known to technology seekers through a daisy chain of network connections. “OI?” is one of the first questions that a technology seeker will ask to determine the person with whom they should communicate to review a new candidate. (Note: Do not confuse with the Yiddish exclamation, “Oy!” or “OI”(which, without a question mark stands for Open Innovation)). Proper Usage: John: You’ll love this new innovation. It’s patented and clinically proven effective. It’s… Mary: OI?