Tuesday 12 October 2010
"Open innovation 101" Fast Thinking, 11 October 2010
Open innovation is the process by which organisations use both internal and external knowledge to drive and accelerate their internal innovation strategy in order to fulfil existing market needs or to access new market opportunities.
The concept of open innovation implies that an organisation has the willingness and desire to source and utilise external knowledge, ideas, intellectual assets and technologies, in addition to its internal capabilities, to identify solutions to problems, capitalise on opportunities, develop new technologies, create new products and services, improve processes, or design new organisational systems and business models.
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