Managing Intellectual Property with Open Innovation
The IdeaPoke website noted that open innovation empowers new product development and has been the driving force of sustainable innovation for several companies over the decades. While it accelerates innovation and reduces time to market, open innovation poses a few challenges when it comes to managing intellectual property (IP). However, to succeed in a collaborative open innovation environment, companies need to make strategic choices with regard to use of patents and embrace a different approach to managing IP issues.
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