When Sharing is Caring and Also Profiting: Open innovation

The Sentinel website reported that while the benefits of open innovation are evident – mainly, reducing cost levels of ongoing innovation and enhanced process improvement via collaboration, mergers, spin-offs, accessing new products and markets, and building the knowledge infrastructure, among other pros- equally, there are risks such as conflicts and IP infringement cases, ideological and creative differences amongst partners, heavy micro monitoring of smaller firms by the biggies, poor open innovation due to market and firm-level barriers. Once again, therefore, the role of innovation managers is paramount and firms need to invest in the same (right talent acquisition, provision of necessary and timely training, among others) in order to competitively leverage open innovation as a strategy for developing and maintaining competitive advantage in the market.

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