Open innovation is a collection of information sharing and collaborative strategies that are designed to stimulate innovation. These include requirements to share innovation and develop feedback loops within an organization or a community. In some cases, open innovation also asks the community to design things with strategies such as design competitions.
|Definition||Innovation approaches that call for open sharing of information and designs.|
|Value||Designs tend to be hardened when they are open through processes such as feedback loops and peer review.
Allowing others to use your designs can increase adoption of a new technology. In some cases, a firm can't achieve critical mass alone and benefits when competitors follow their approach.Sharing designs can have positive effects such as publicity or establishing a reputation.|
|Related Concepts||Innovation Principles|
This is the complete list of articles we have written about innovation.
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