Innovation: Breaking out of the Corporate Box
The Budapest Times notes that Professor Chesbrough, University of California, Berkeley, has written extensively on the topic of innovation, but he is best known for his work on open innovation, a term that he helped popularize. He explained: “Open innovation advises companies to make more use of external ideas and technologies in their own innovations, and allow unused internal ideas and technologies to be used by others for their innovations.” He said that a firm needs to realize that “not all of the smart people work for us, so we must find and tap into knowledge and expertise of bright individuals outside our company.”
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