Open Innovation – Definition and Benefits
In this post on the IdeaGlow webite, Leila Durmaz cites Henry Chesbrough’s definition of open innovation: “…the use of purposive inflows and outflows of knowledge to accelerate internal innovation, and expand the markets for external use of innovation, respectively.” She then supplements this with her own definition: “Open innovation is about building a system where ideas flow openly from your customers, employees, and other stakeholders such as partners & suppliers. This system allows you to capture and flesh out ideas collaboratively, leading to sustained innovation.” She goes on to elaborate some of the benefits of open innovation.
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