The term ‘innovation’ gets thrown around constantly in modern day business; meaning different things to different people. However, in recent years, the term ‘Open Innovation’ has become more apparent; especially in the world of product development.
Developed by Henry Chesbrough in the early 2000s, the concept highlights the worth of using outside sources of innovation to improve one’s own product or service; a theory that many 21st century businesses are now exploring.
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