The Open Innovation Business Model
The Innovation Excellence website noted that accomplishing sustainable, breakthrough innovations within multinational corporations is attainable using open innovation and innovation hubs. Open innovation blends a firm’s internal assets with the seemingly limitless knowledge pool outside of the firm. Open innovation allows companies to connect with companies and innovators who have “ready-to-go” products, services, or technologies, in order to minimize risk and to circumvent the innate inefficiencies often found in large corporate structures.
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