Striving for Innovation Success in the 21st Century
In an article on the MIT Technology Review website Henry Chesbrough wrote that open innovation is “the use of purposive inflows and outflows of knowledge to accelerate internal innovation and expand the markets for external use of innovation. It’s a model for industrial innovation that I originated in my 2003 book, Open Innovation. Since that time, the concept has been adopted by most large companies in the U.S. and Europe and cited in thousands of academic articles. A more recent development is the consideration of how innovation plays out in service businesses. Most of the top 40 economies in the Organization for Economic Cooperation and Development get half or more of their gross domestic product from that sector, and many companies are witnessing a shift to services as well.”
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