Open Innovation Hits an Inflection Point

The PRNewswire website reported that leaders tasked with managing open innovation are dramatically changing how their organizations will compete — and win — in the years to come, according to the State of Open Innovation report. While some organizations view open innovation as a set of activities — including crowdsourcing, prize competition, hackathons, data jams, and open science — others view it as a philosophy or an entirely new way of doing business. The research shows the practice nearing an inflection point. While 26% of respondents say they have developed a mature competency, another 59% of organizations surveyed are actively developing the expertise. Nearly four in 10 (38%) respondents said open innovation is their sole focus — an early indicator of growth in this space, as organizations recognize the value of dedicating talent and resources to open innovation.

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