Why Luxury Brands are Embracing Open Innovation

The Information Age website reported that several factors have led to rise of open innovation and the erosion of ‘closed’ innovation – the mobility and availability of highly educated people have increased, so large volumes of knowledge exist outside the research centers of large companies and an increase in venture capital activity and licensing opportunities brings new opportunities outside the realm of companies’ internal operations….In today’s marketplace, a company can no longer rely on its own capabilities – in order to successfully compete effectively, it needs to collaborate in a network with suppliers, customers and, yes, even competitors.

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