Open Innovation counters the model that prevailed throughout most of the 20th century, in wich businesses were self-enclosed in terms of Research and Development (R&D), with no information flow between the company, clients and others.
Open Innovation leads the way to a model better suited to the 21st century, where globalization and competitiveness prevail.
Businesses are now networking with several agents (researchers, companies, institutions, clients, suppliers), which allows them to use and commercialize their own technology and innovation, but also to license their technology to third parties or to capitalize on externally acquired innovation.
This way, it is possible to make use of other’s R&D and redirect internal resources to selecting and implementing the concepts.
Building the right business model becomes more important than accessing the market first. What matters is to use both internal and external ideas efficiently.
