Reducing Barriers to Open Innovation
The BDaily website noted that the twenty-first century model of innovation is ‘open innovation’ which is based upon an environment in which there is an abundance of knowledge from which to draw. The basic principles of this approach include:
- working with smart people both inside and outside the organisation;
- it isn’t necessary to originate research to profit from it;
- external R&D adds value and should be linked to internal R&D to create value; and
- success results from combining internal and external R&D.
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