Open Innovation: Learning from Mining’s 2nd Wave

By • on March 12, 2015

An article on the LinkedIn website noted that the mining industry has shown a renewed interest in open innovation. In certain major industries, like potash, base metals, iron production and oil and gas, open innovation has a lot of value, as is a very high-cost investment. With open innovation, you take smaller dollars and when you put them all together, you are doing big things. That is why people are in open innovation again. In addition, the risks inherent in technology development call for diversification. The big ticket projects are risky. If one company cannot foot the bill alone, that gives them incentive to develop the technology collaboratively and spread the risk.

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