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Open Innovation

The move to open innovation has come as a result of major advances in technology and society, which in turn have facilitated the dissemination of information through mechanisms such as the Internet. Today, information can be transferred so easily that it seems impossible to prevent. Thus, the open innovation model states that since firms cannot stop this phenomenon, they must learn to take advantage of it.

As Henry Chesbrough, who coined the term 'open innovation' describes in his book Open Innovation: Researching a New Paradigm: 'Open innovation is the use of purposive inflows and outflows of knowledge to accelerate internal innovation, and expand the markets for external use of innovation, respectively.'

The move to open innovation has come as a result of major advances in technology and society, which in turn have facilitated the dissemination of information through mechanisms such as the Internet. Today, information can be transferred so easily that it seems impossible to prevent. Thus, the open innovation model states that since firms cannot stop this phenomenon, they must learn to take advantage of it.

As Henry Chesbrough, who coined the term 'open innovation' describes in his book Open Innovation: Researching a New Paradigm: 'Open innovation is the use of purposive inflows and outflows of knowledge to accelerate internal innovation, and expand the markets for external use of innovation, respectively.'

If you would like to implement OI in your organization, please contact us at info@iira.in or varadk@inductsoftware.com

 

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