Fiat Mio Case Study Summary

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Fiat Mio Case Study

1. The benefits of Open innovation to Fiat Mio and the participants.
Open innovation is an ideology that assumes firms should use external ideas as well as internal ideas and internal and external paths to market, as the firms look to advance their technology. Crowd sourcing is the process of obtaining ideas or services from a large number of people especially through online means, rather than from employees or suppliers. Creative commons is public copyright license that enables the free distribution of a copyrighted work.
Fiat an automotive industry used the concepts to produce the ‘Fiat Mio’ a concept vehicle that represent the feature needs of the consumer. They were able to obtain the following advantages to both the participants and the producer. The Fiat Mio represents a product innovation type of innovation. Peter Fassbender, head of the Fiat Brazil Style
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Videos were made showing the beginning of the project, several production steps, and, finally, the showcase presentation at the Sao Paulo Auto Show. This enabled them to get rid of things such as nondisclosure agreements (NDAs) with partners, manufacturers, investors, etc. and Use simple security such as locked file Cabinets and passwords on computers.
The open innovation process enabled Fiat Mio to obtain some complementary assets like in the manufacturing sector they were able to have more production experts and good customer-supplier relationship. In marketing, they were able to come up with the brand name ‘Fiat Mio’ which means my Fiat.
Several parties will benefit from the innovation like the customers, innovators and suppliers and eve imitators e.g. customers will benefit when the valuation of the new product will exceed its price and the imitators will benefit from making the imitation while saving on research and development
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