Dr. Henry Chesbrough is widely credited as writing the foundational research about the impact of Open Innovation, which he defines as “the use of purposive inflows and outflows of knowledge to accelerate innovation, and expand markets for external use of innovation, respectively. (This paradigm) assumes that firms can and should use external ideas as well as internal ideas, and external paths to market, as they look to advance their technology.”(1) In his game-changing research “Open Innovation: The New Imperative” (2003) (2) and “Open Innovation: Researching a New Paradigm” (2006), Dr. Chesbrough argues that traditional innovation methods which are too internally focused are prone to miss opportunities, restricting the overall potential in advancing technology, finding new paths to market, and developing new products or services. Instead, he proposes that companies significantly increase their capacity to create new and better products by engaging third parties in the innovation process.
To read the full, original article click on this link: Open Innovation - HYPE Innovation
