Four Approaches to Innovation
The Smart Company website noted that there are different types of innovation approaches, all of which can complement each other in different ways at different times. One approach is open innovation, setting a challenge to external developers, start-ups or parties who choose how they wish to interpret and deliver it. This approach is used when you want speed, low cost and different ways of interpreting challenges and innovating. You can define the challenge, then ask a broad set of the community to solve it.
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