The central idea behind 'open innovation' is that organizations cannot afford to rely entirely on their own internal research and development processes. Organizations today must learn to collaborate with external entities such as customers, rival companies, academic institutions, government agencies, non-profit organizations, and global open source communities. Many of the best ideas for new solutions, products and services no longer originate in well-financed corporate or government laboratories. They can now come from anyone on the planet. See Wikipedia.
Organizations with collaborative 'open innovation' programs have learned to embrace external ideas and knowledge in conjunction with internal R&D. A company that is focused too internally - a firm with a 'closed' approach – may miss major new opportunities because many innovations may appear to fall outside the organization's current business operations. Open innovation can be a more profitable way for organizations to innovate. It can help reduce costs, reduce risk, better leverage scarce resources, improve product quality, accelerate time to market, and create new revenue streams a company.
Some of the growing number of companies that have embraced 'Open Innovation' include IBM, Toyota, Kraft Fiat, BASF, Unilever, Aetna, Red Hat, SAP, P&G, HP, GE, Cisco, AmGen, AstraZeneca, Humana, and many more. Join the 'open innovation' movement! Many organizations in the global 'Green Community' have.
Collaboration 'Open' Solutions and Innovation (COSI) strategies are essential for organizations to keep moving forward and be successful in the 21st century.
Collaboration + Open Solutions = Innovation