Open Innovation

What if there was a new way to innovate that would enable you to grow your business more quickly and at lower risk? Using Open Innovation, many leading innovative companies are now finding they can achieve faster, lower cost and more impactful innovation. So what is Open Innovation and how is it different from the traditional ways that companies have innovated in the past?

Compared with Closed Innovation, where all the new innovations originate from within the organisation, in Open Innovation, new ideas can come from a variety of sources, both inside and outside of the organisation. According to Professor Henry Chesborough, the man who coined the original phrase “Open Innovation is a paradigm that assumes that firms can and should use external ideas as well as internal ideas, and internal and external paths to market, as the firms look to advance their technology”.