Open Innovation Management

Open Innovation Management is an approach that encourages companies to collaborate with external sources—like customers, startups, universities, or other organizations—to enhance their innovation processes. Instead of relying solely on internal resources, businesses actively seek ideas, technologies, and solutions from outside their own walls. This collaborative mindset fosters creativity, accelerates product development, and allows companies to leverage diverse expertise, ultimately leading to better products and services. It contrasts with traditional innovation, where most ideas are generated in-house. By embracing open innovation, organizations can adapt more quickly to market changes and drive continuous improvement.