State and local governments, along with business associations, are feeling increased pressure to find new ways to foster regional growth through innovation.  Traditionally, government has provided tax breaks and R&D funding to spur innovation. However, it has become clear that simply providing financial incentives doesn’t solve the real need for faster, more effective innovation in businesses. Enabling access to innovative IP and technology versus developing it internally has been proven as the new formula for success in businesses large and small around the world. Systematically engaging with outside parties beyond suppliers and customers in order to identify and implement needed technology has become an approach that is known as “open innovation”. Open innovation (OI), the process of going outside of a company’s four walls to source innovation, provides a model for seeking and finding potential solutions in parallel or even unrelated industries.

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