Why is Open Innovation So Important? (Video)

Open innovation is a method of crowdsourcing ideas from external sources like clients, partner organizations, and academic institutions. It enables businesses to stay ahead of the competition by sourcing lots of ideas quickly from people with a fresh perspective on the challenges the organization is facing. Seeking ideas from external sources also gives access to greater diversity of opinion and experience, provides tailored and personalized aspects to the company's services or products that inspire loyalty, and helps in gaining direct feedback from customers and partners. Open innovation can also help to share knowledge with other organizations and enhance research. It can also be a great PR opportunity by reaching out to people with a purpose who want to make an impact on the world.