Open Innovation

Open Innovation

Open innovation involves obtaining innovative ideas from both internal and external sources, such as employees, partners, and other stakeholders. This practice has become popular in various industries and is seen as a cost-effective alternative to traditional research and development teams. It can be categorized based on the type of human resource inclusion, such as intracompany, intercompany (corporate accelerator), experts of the industry, or open to public. Many multinational companies, such as Samsung, NASA, GE, and Philips, have successfully implemented open innovation to develop new and innovative products, solve world problems, and connect with experts and entrepreneurs. MIT ID Innovation offers courses on innovation management and design thinking, which can help individuals understand the open innovation process and become assets in their organizations.

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More Innovation Resources:

Improve Sales Team Collaboration

Improve Sales Team Collaboration

Collaborative work management (CWM) tools help break down silos and improve sales team collaboration by offering features such as sharing win/loss announcements and sales document management.

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Sources of Employee Motivation – Understanding the Two-Factor Theory

Herzberg's Two-Factor Theory divides employee motivation into hygiene and motivation factors that managers need to focus on in order to get their workforce to perform well.

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3 Ways To Scale Up Your Business In 2015

3 Ways To Scale Up Your Business In 2015

Learn how to scale up your business without crashing and burning by upgrading your team, technology, and market reach.

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