The Economist noted that there are three general types of innovation – incremental, radical and open. Of the three, open innovation (OI) appears best-suited for the fierce global competition among firms of all sizes as innovation cycles shorten. Open innovation refers to the practice of looking outside of your organization for ideas and technology to accelerate and improve business solutions. Formally conceptualized by Henry Chesbrough, the methodology is gaining a foothold in entrepreneurially-minded corporations even as it challenges organizational cultures.
