The Open Innovation Model

The Open Innovation Model is a business approach that encourages companies to share ideas, knowledge, and resources with external partners—such as customers, suppliers, or even competitors—rather than relying solely on internal research and development. This collaborative approach accelerates innovation by leveraging external expertise and ideas, leading to the development of new products, services, or technologies more efficiently and cost-effectively. It recognizes that valuable innovations can come from outside the company's own walls and promotes a mindset of openness, collaboration, and shared value creation.