Foster Open Innovation to Retain Competitiveness
The Polymerupdate website noted that for petrochemical producers, the benefits of Open Innovation include more than having access to external ideas and capabilities. Open Innovation also allows time-to-market and cost savings, sharing risk and avoids the creation of a tunnel vision arising from functional expertise. Stakeholders involved in the Open Innovation process in the chemical industry are obviously customers and academia, but often also feedstock suppliers, machine manufacturers, R&D consultants and contractors, competitors and even the internal workforce that is not directly involved in R&D activities.
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