Chesbrough's Model of Open Innovation

Chesbrough's Model of Open Innovation suggests that companies can enhance their innovation processes by collaborating with external partners, such as other businesses, research institutions, or even customers. Instead of relying solely on internal resources, organizations can share ideas, technologies, and knowledge, allowing them to develop new products and services more effectively. This approach encourages the flow of information in and out of the organization, fostering creativity and innovation. By embracing external contributions, companies can stay competitive, reduce costs, and improve their chances of success in the market.