Why Now Is the Time for “Open Innovation”

The Harvard Business Review posted a very incisive and  informative review of the state of and challenges faced by open innovation. It notes that the recent burst of open innovation demonstrates the massive potential of open innovation. Open innovation has the potential to widen the space for value creation: It allows for many more ways to create value, be it through new partners with complementary skills or by unlocking hidden potential in long-lasting relationships. Most importantly it can serve as a foundation for future collaboration.  Successful open innovation often requires operational and structural changes to how business is done. The article concludes by offering useful strategies for companies to use to overcome some well-known challenges in implementing open innovation.

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