Contrary to common perception the ideas of open innovation have been around for a very long time. These open innovation efforts however were not institutionalized. The first institutions to nurture open innovation are the universities. As compared to many commercial open innovators they have been eager ‘open innovators’ for decades. The traditional technological exploitation vehicle employed by universities is the spin-out company. A spin-out company will generally be a separate legal entity created to own and exploit an intellectual property resource. These created companies are therefore legally independent from the university.
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