Innovation Challenges

By • on June 2, 2020

The Oxford Research Encyclopedia posted an article which noted that starting from early 21st century, companies increasingly use open innovation challenges to generate creative solutions to business problems. This revolution in business models and management strategy reflects the evolution supported by new technology. Employing this new strategic model, companies seek to innovate in a wide variety of areas, such as clothes designs, photography solutions, business plans, and film production. Contrary to closed innovation through which companies develop creative ideas internally, innovation challenges are catalyzed by socioeconomic changes such as the rapid advancement of information technologies, increased labor division, as well as ever-expanding globalization.

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