What is Open Innovation?

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By Martin Falbisoner – Own work, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=32158827

Author: Jiyoon Ahn, edited by: Inês Barreiros

Open innovation is a term coined by Professor Henry Chesbrough, who defined it as “the use of purposive inflows and outflows of knowledge to accelerate internal innovation, and expand the markets for external use of innovation, respectively.” Until the early 21st century, most innovation was ‘closed’, which was based on the belief that internal resources are the most reliable and trustworthy, and that closed doors would distance competitors. Over the past couple of decades, more businesses have been opening up their product development process to external ideas from suppliers, independent inventors, and academic researchers.

http://science-union.org/articlelist/2016/10/6/what-is-open-innovation

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