Open Innovation and the Petfood Industry
The website PetfoodIndustry.com reports that open innovation makes much more sense than relying only on internal R&D for new product development because of factors like: the increasing availability and mobility of skilled workers; the growth of the venture capital market; external options for ideas sitting on the shelf; and the increasing capability of external suppliers. These four factors have resulted in a new market for knowledge. It is crucial whether a company can accept that the innovation point is the pivotal moment when talented and motivated people seek the opportunity to act on their ideas and dreams.
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