As described by Henry Chesbrough, a professor and executive director at the Center for Open Innovation at the University of California, Berkeley “Open innovation is a paradigm that assumes that firms can and should use external ideas as well as internal ideas, and internal and external paths to market, as the firms look to advance their technology”.
Open Innovation benefits include:
- Faster development and market launch
- More diversity of innovation
- and Improved success rate
Some of the myths of Open Innovation are captured well by ninesigma as followed: