Open Innovation: Trends and Developments

The International Network for Smalll and Medium Sized Enterprises posted an article on its website which noted that as innovation performs a strategic function in developing  sustainable growth and national competitiveness, it is rapidly shaping to adapt to fast-changing economic, social and technological environment. It is spreading geographically, engaging a diverse range of stakeholders and extending from technology to service and business model innovation. In other words, innovation is becoming more open, collaborative and creative. Since the term was suggested by Henry Chesbrough, open innovation has transformed to a number of types, which share a key concept of open innovation, i.e. “that firms can and should use external ideas as well as internal ideas, and internal and external paths to market to advance their technology.”

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