Definition of Open Innovation

✅  Related keywords: external resources, closed innovation, collaboration

📖  What is Open Innovation?

Sourcing resources for innovation from outside the organization, and combining ideas sourced externally with those created internally. Open innovation often allows for the development of more ideas for innovation, and more creative solutions to the problems facing the company. Open innovation can occur between companies, with only the company and outside experts, or it can be open to the public. NASA often undergoes open innovation, where they pose a question to the public regarding a problem they are facing in their innovation processes, and they hold a contest to get the best solutions.

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