Open Innovation: definition and explanation

What is open innovation?The term open innovation means a situation where an organisation doesn’t just rely on their own internal knowledge, sources and resources such as their own staff or RD for example for innovation of products, services, business models, processes etc. but also uses multiple external sources such as customer feedback, published patents, competitors, external agencies, the public etc. to drive innovation.

Check out this blog article for a general innovation definition by Really Good Innovation.