Open Innovation - what can be gained?

Conclusion: The concept of innovation has been gaining wider acceptance in the past few years, particularly in line with the explosion of the Internet and social media. However, many organisations are still following the model that new ideas will be generated by the clever people within the organisation or will come from those external partners that are already known to the organisation. This outdated model does not provide the opportunity for organisations to identify great ideas that could provide significant benefit to their organisation. There is growing adoption of a broader based innovation method known as ‘Open Innovation’ that offers considerable benefit to organisations that embrace it.

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