Collaborative Innovation

Collaborative Innovation, within the framework of Open Innovation Management, refers to the practice where organizations partner with external individuals and groups—such as customers, suppliers, or research institutions—to develop new ideas and solutions. Instead of relying solely on internal resources, companies leverage diverse perspectives and expertise from outside their walls. This approach can lead to more creative solutions, faster development times, and enhanced competitive advantage, as it encourages knowledge sharing and co-creation of value. Ultimately, it recognizes that innovation can be a shared journey, benefiting all parties involved.