Protecting Innovation While Fostering Collaboration
The Inside Counsel website noted that in recent years there has been a paradigm shift toward open innovation (OI) — that is, collaborating with external parties in product development. For companies participating in open innovation, these external parties are usually customers, suppliers or universities, but can even be competitors. Both the traditional model, also referred to as closed innovation, and the OI model have their own legal issues pertaining to intellectual property. However, OI breeds more complex issues and consequently requires more legal oversight.
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