Institute for Regenerative Medicine (CIRM) Essay

Institute for Regenerative Medicine (CIRM) - Essay Example This, therefore, has resulted to an open innovation concept where organizations discover that all the components of innovation do not have to originate from within the institution. However, they can increase or accelerate their efforts by obtaining the required technology from external sources. Sources, that is of the same minds with them but use a different method in producing their goods and services. Henry in his book, ‘The New Imperative for Creating and Profiting from Technology’, describes external innovation as the â€Å"act of allowing external information derived from sources such as cooperation with universities or (corporate) venture capital efforts to be part of a company’s innovation process and permeating the company`s boundaries from outside to inside† (Henry, 2006). The concept of outdoor innovation is one of many pathways shaped in the company. This is to allow new product thoughts to tour inside and outside the firm’s borders and to be bundled with exterior skills and knowledge. One of the organizations that have undergone enormous innovation due to the external thoughts is the California Institute for Regenerative Medicine (CIRM). California Institute for Regenerative Medicine is an organization that improved the development of therapies and potential cures based on the stem cell science (Michael & Panetta, 2005). In November 2004, voters provided three billion dollars for the stem research. California has a massive biotech industry that spreads around San Diego and San Francisco, this pool of funds is used for innovation. The funds also helped in enhancing research and creating job at the university level and in confidential sectors. The California Institute for Regenerating Medicine created an oversight that determined how and where grants were to be made and the organization. The California institute for regenerating medicine also defined on the allocation of funds in order to meet the set mission. The org anization had to focus on innovations both internal and external by carrying out research on product development and clinical trials. The California Institute for Regenerative Medicine later specially made an external evaluation of its strategy procedures and policies that they afterward implemented. The main purpose of employing an external review was to come up with ways of evaluating CIRM`s precedent performance. The review also provided a recommendation on what to be put in place for long term success. CIRM conducted a public meeting on different days with Governing Board`s heads and those who took part in the Review. This helped them to understand fully what CIRM entails, and what is needed for CIRM to achieve its goals. Towards the end of the year 2006, the CIRM published the first magazine to define its scientific strategic plan. This plan served as an outline for the procedures and programs implementations. This plan has helped the institute in its progress thus, being able to register a remarkable progress in the subsequent years. The institute has progressed much in areas of management or leadership, industry appointments, product growth and group prioritization. The institute achieves this while it continues to look after the people and science that will drive them forward CIRM’s first objective has been to support research at the uppermost level of scientific merit. These objectives have been achieved and in return, significantly improved