The other day I was asked what was my idea of open innovation
So I decided to Google Open Innovation
Here is the low down which I quote from the link which is given below
“Open Innovation is the use of purposive inflows and outflows of knowledge to accelerate innovation. With knowledge now widely distributed, companies cannot rely entirely on their own research, but should acquire inventions or intellectual property from other companies when it advances the business model.”
I am originally from India and we went out to the world and licensed technology.
Of course at that time we called it collaboration.
Companies in the USA generally rely on their own in house R&D and now I can understand what Open Innovation is all about
Or do I?
My take on this is that as individuals we have to network with other professionals and discuss innovative approaches as long as they do not compromise IP (Intellectual Property)
These networking discussion will indirectly lead to Open Innovation opportunity