Open Innovation Set to Shape Future of Welsh Economy

By • on October 11, 2018

The Business News Wales website noted that the term ‘innovation’ gets thrown around constantly in modern day business; meaning different things to different people. However, in recent years, the term ‘Open Innovation’ has become more apparent; especially in the world of product development. The Open Innovation concept highlights the worth of using outside sources of innovation to improve one’s own product or service; a theory that many businesses are now exploring. Utilizing the help of people outside your own internal network can boast various benefits; a way to actively incorporate the wider community into your innovation management strategy. We need to promote, encourage and enable open innovation across the whole economy and bring in ideas from all sectors of our industries.

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