Open innovation is the paradigm that businesses should connect with outside sources of creativity to benefit from a mix of external and internal ideas, technologies or paths to market.
Open innovation brings the best of the internal and external resources together. It allows for mutually beneficial connections of diverse groups that stimulate new ways thinking, create more effective collaborations, and disrupt markets.
Open Innovation benefits companies by harnessing the innovation of others and having more clarity on where their company, consumers nd the market is going. Collaborating together with other stakeholders creates better, faster outcomes.
With Open Innovation an idea that is created to improve a company’s product and service can come from anywhere. The ideas that a company collects and evaluates can help reduce costs and risk and time to markets as the ideas come straight from the source - partners, consumers or customers.