Innovation Among Keys to Success

The Australasian site reported on a survey by Herbert Smith Freehills, a leading law firm, of clients across multiple business sectors about their experience with open innovation. The survey found that it is now the norm for clients to collaborate internally and externally on innovation projects, but that trust is a key issue, especially in the use of external teams. The HSF team found that intellectual property continues to be key to innovation both as a motivator and in shaping collaboration. However, the way in which it is used and valued is shifting – it is used to facilitate collaboration through access regimes ranging from licensing to open source platforms, rather than being used to lock others out of the market. Clients also see value in involving their legal teams early in the process, which allows the legal team to become enablers rather than blockers of innovation.

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