What is Open Innovation?
Open innovation, also known as crowdsourcing or co-creation, is a way for companies to harness the ideas and strength of people outside their organization to make improvements to internal processes or products. Many companies, from automobile manufacturers to technology companies seek input from those outside their organization for solving some of their trickiest problems. Open innovation is also a way for companies to avoid the stale, repetitive thinking that can happen when employees are accustomed to their internal ways of solving problems. By including more outside ideas, companies can ensure their ideas stay fresh and new while providing opportunities for those outside their organization to participate in technology development.
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