What Are The Emerging Models Of Corporate Innovation?

The Forbes Magazine website listed the top models of corporate innovation; open innovation was first on their list. The article went on to describe open innovation. The open innovation model emphasizes collaboration and partnerships with external stakeholders such as customers, suppliers, and even competitors. This model recognizes that innovation can come from anywhere and encourages organizations to tap into external sources of knowledge and expertise. The open innovation model was coined by Henry Chesbrough. He defined open innovation as a paradigm that assumes that firms can and should use external ideas, internal ideas, and internal and external paths to market as the firms look to advance their technology.

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