Obtaining First Mover Advantage from Open Innovation

Aug-02-13

Open innovation combines external and internal inputs using crowdsourcing and other technologies to come up with new ideas. Many multinationals such as Unilever and Starbucks have benefited from this.

While the earlier system of isolated R&D protected intellectual property rights it also slowed down innovation and led to lower return on investment. While open innovation is now used to obtain ideas, it can also be used for the back office and execution phases.

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[INNOVATIONEXCELLENCE.COM]