For many years, companies were convinced of the competitive advantage of closed research and development. They jealously protected their intellectual property behind closed doors and dramatically revealed it to the public after years of development. This old model has since been replaced by open innovation. Open innovation is a term coined by Professor Henry Chesbrough in his book, Open Innovation: The New Imperative for Creating and Profiting from Technology. Specifically, Chesbrough defines open innovation as “a paradigm that assumes that firms can and should use external ideas as well as internal ideas, and internal and external paths to market, as the firms look to advance their technology.”