Companies betting big on open innovation
NOVEMBER 20, 2017
“Open innovation is the use of purposive inflows and outflows of knowledge to accelerate internal innovation, and expand the markets for external use of innovation, respectively. This paradigm] assumes that firms can and should use external ideas as well as internal ideas, and internal and external paths to market, as they look to advance their technology.” ( Henry Chesbrough, 2006 ). Why does open innovation work?