Knowledge Democracy as the New Mantra in Product Innovation: A Framework of Processes and Competencies

In this chapter we carry out a critical analysis of “knowledge democracy” as a new mantra or buzz-word in product innovation leadership. A new paradigm has revolutionized the traditional process of invention, which was previously associated with a hierarchical dissemination of new ideas and competitive hoarding of knowledge assets. This chapter contends that at this environment has been replaced by a collaboration economy (based on so-called “wikinomics”) in which democracy governs the process of knowledge creation and its strategic application. Leadership in product innovation does not rely on the innate internal qualities of organizations, but on the collaborative contribution of stakeholders in many of the activities that make up the NPD lifecycle. The authors suggest a new approach to mitigate factors that can otherwise reduce the value of the NPD process. The chapter then examines how to promote such open collaboration through the development of a new managerial mindset, the acquisition of new distinctive competencies, the development of new organizational models, and the management of new collaborative technologies. The authors’ proposed framework of processes and competencies offers the potential for organizations to meet these needs. DOI: 10.4018/978-1-60566-701-0.ch008