How Open Innovation Can Sharpen Competitive Edge

By • on October 23, 2019

The Economic Times website website reported that business innovation, no longer confined to corporate R&D labs, is increasingly the results of collaborative efforts between business partners that interact, exchange knowledge and information and share standards and infrastructure. This shift towards an ‘open innovation’ (OI) paradigm has considerably reduced the investments needed to access innovation assets, making the innovation endeavor more accessible to SMEs. Large firms have been taking actively part in the OI transformation by developing strategic partnerships with smaller actors or by deploying specialized accelerators where start-up and individuals can access office infrastructure and supportive business environment for nurturing new ideas and incubating projects that could be profitable to their sponsors’ business ecosystem.

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