Asia-Pacific Companies Increasingly Adopting Open Innovation

Open Innovation is no longer a buzzword and while it draws global attention, companies in the Asia-Pacific region are going all out with this model. A recent Frost & Sullivan report titled 'Open Innovation 2012' focuses on the role of Open Innovation in ideation, product development and R&D at organizations across the globe.

According to this report, while companies around the world have embraced OI, some are more willing than others to commit sufficient resources to it. Asia-Pacific (APAC) companies lead the pack in regards to dedicating staff to OI. 72 percent of the companies surveyed in the APAC region dedicate a team for OI and have a median value of 10 members per OI team as opposed to global baseline of 3 members.

This is startling when compared to the global baseline where just 56 percent of the companies claim to have a dedicated OI team. The Americas fare slightly better than the global baseline at 59 percent but it’s the European companies, who have stressed a need for Open Innovation for the past two years, which still lag behind their peers at 42 percent.

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