Choosing the Right Approach to an Open Innovation Strategy

By • on January 28, 2013

The Smart Blog on Leadership website notes that open innovation is a business strategy to advance technology by fusing external ideas and products with internal research and development. It is a way for businesses to minimize costs and create products more efficiently. However, choosing the right path can be difficult, as organizations must weigh the benefits and liabilities of using outside help against developing technology internally.

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