Unlocking Open Innovation
At its best, Open Innovation speeds new products to market, builds new revenue streams, decreases R&D costs and increases return on investment. On the inventor side of the ledger, OI offers a friendly pipeline for grassroots inventions to see the commercial light of day writes Mike Drummond in Inventors Digest. Procter and Gamble offers one of the largest and, to date, most successful examples of Open Innovation. It launched its Connect + Develop program in 2001 with the goal of delivering 50% of the company’s innovation through external collaboration.
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