Monthly Extracts – December 2020

December 1, 2020 – 5 min read

 Author: Dave Neundorfer

These are two legs of the stool that will support the robust, cross-category, adoption of cannabinoid products that enhance quality of life and wellbeing globally. The third leg of the stool is research. Research is not only critical to confirming the safety and efficacy of the underlying compounds and formulations, it will also inform regulatory policy, accelerate  innovation, and, most importantly, provide the data needed to educate the mainstream consumer and catalyze broadscale adoption.

This market’s need for research is acute and urgent, far too large of a challenge and opportunity for a single company to realize using the traditional model of “closed innovation.” This moment requires “open innovation”, an enlightened model which leverages tech-enabled global interconnectedness to democratize information, accelerate intercompany collaboration, and optimize R&D by leveraging best practices across multiple philosophically aligned organizations. As Harvard Business School Professor Henry W. Chesbrough correctly asserts, the “closed” paradigm is obsolete; the new “open innovation” model is needed to strategically leverage “internal and external sources of ideas” to go to “market through multiple paths”.

These are two legs of the stool that will support the robust, cross-category, adoption of cannabinoid products that enhance quality of life and wellbeing globally. The third leg of the stool is research. Research is not only critical to confirming the safety and efficacy of the underlying compounds and formulations, it will also inform regulatory policy, accelerate  innovation, and, most importantly, provide the data needed to educate the mainstream consumer and catalyze broadscale adoption.

This market’s need for research is acute and urgent, far too large of a challenge and opportunity for a single company to realize using the traditional model of “closed innovation.” This moment requires “open innovation”, an enlightened model which leverages tech-enabled global interconnectedness to democratize information, accelerate intercompany collaboration, and optimize R&D by leveraging best practices across multiple philosophically aligned organizations. As Harvard Business School Professor Henry W. Chesbrough correctly asserts, the “closed” paradigm is obsolete; the new “open innovation” model is needed to strategically leverage “internal and external sources of ideas” to go to “market through multiple paths”.