Fueling Small Business Success Through Innovation
An article on the Nasdaq website noted that small businesses are nimble and bold and can often teach much larger companies a thing or two about innovations that can change entire industries. It went on to note that businesses have a variety of strategy options when it comes to the different types of innovation and discussed open innovation as the first example. This is when companies use both internal and external ideas to help advance their existing operations. It went on to quote Henry Chesbrough who coined the term open innovation. According to Chesbrough, open innovation can be a more profitable way to innovate. Potential to reduce costs, and accelerate time to market, and increases differentiation. This will allow ways to establish new revenue streams.
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