WHAT IS OPEN INNOVATION?

Open Innovation, also known as external or networked innovation, is focused on uncovering new ideas, reducing risk, increasing speed and leveraging scarce resources. With a better understanding of “what is out there”, a company is able to lower risk by combining external capabilities with internal innovation resources. The old question of “Why reinvent the wheel?” clearly applies, as Open Innovation enables a company to connect with someone who has already developed the technology in need or who is further along the development path.

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