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Open innovation 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.
What is open innovation?
Open innovation is the practise of a firm allowing workers from other divisions of the organisation or persons outside the company to provide feedback into its R&D department. Companies eliminate the constraints that a conventional, secretive model may have on creative initiatives by dismantling traditional divisions between departments and attracting external specialists and researchers.
In 2003, Henry Chesbrough, a research professor at the University of Berkeley, developed the idea of open innovation. Since important information is now readily available, no business, no matter how large, can fully realize the promise of innovation on its own. According to Chesbrough, this paradigm gives businesses a decentralized approach to innovation that fosters development.
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