What is Open Innovation?
MalayMailOnline noted that another approach to innovation is looking beyond the company’s boundaries. This approach is particularly relevant to SMEs with limited resources and unable to rely on their own R&D, where the SMEs can leverage external knowledge and bring it into their business to create value. This approach systematically encourages the exploration of a wide range of external resources/technologies for innovative business opportunities. This approach, known as “open Innovation” as promoted by Henry Chesbrough has triggered paradigm shifts in how big corporations view their innovation process, no longer in the race of hiring and maintaining the best R&D minds in-house, instead, scouting and managing knowledge flows across organizational boundaries, enabling the easy transfer of knowledge inward and outward.
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