Striving for Innovation Success in the 21st Century

The MIT Technology Review website posted an article by Henry Chesbrough in which he summarizes and updates his work on open innovation. “Open innovation assumes that companies can, and should, use external ideas as well as internal ideas, and pursue internal and external paths to market, as they look to advance their innovations. Open innovation processes combine internal and external ideas into platforms, architectures, and systems. Open innovation processes use business models to define the requirements for these architectures and systems. These business models access both external and internal ideas to create value while defining internal mechanisms to claim some portion of that value.”

Click here to read the summary of the article and here for the full article.