Even though open innovation is still in its infancy compared to many other business philosophies, it seems to have a great deal of potential, particularly in the way it connects disparate technologies for better solutions.
Businesses are starting to go open. No, it doesn’t mean they’re unveiling all their intellectual property to the world. It is, however, the result of a particularly difficult business climate for innovation. The recession has battered manufacturers of all types, forcing them to focus on getting their product out the door and keeping the lights on, rather than investing in R&D. In many instances, those R&D engineers found themselves out of a job. In best-case scenarios, manufacturers struggled to deal with customers that wanted better products, and sooner, while their existing staff of knowledgeable engineers — the Baby Boomers —sought out retirement.
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