Open Innovation: New Opportunities in Food Manufacturing
The Food Manufacturing website noted that open innovation (OI) is the systematic inclusion of parties outside your four walls and outside your existing networks. Companies practice open innovation because they want to reduce the time it takes to get to market, avoid getting trapped by their own thinking, and pursue with agility new opportunities outside their core expertise. Frequently the examples given for open innovation success are things like the iPod™, which wasn’t invented internally at Apple, or the Swiffer™ cleaning system that P&G acquired. Those examples can cause one to lose sight of the value OI brings to non-consumer goods companies and to organizations smaller than Apple and P&G. That was the thinking of the Ohio Third Frontier team when they recognized that open innovation is an important tool and a way to accelerate economic development in Ohio.
Click here to read the full article.
