Closed systems no longer allow the type of development - nor the realization of its benefits - required in today’s marketplace. Rather, R&D should be focused on promoting open innovation-based platforms around which entire ecosystems can be fostered. These ecosystems include both partners and competitors.
Companies that pursue open innovation strategies share some common traits:
- They are willing and wish to source and use external knowledge, ideas, intellectual assets, and technologies to complement their internal capabilities.
- They understand that such complements allow them to capitalize on opportunities, especially with the right IP structure and strategy in place.
- They wish to create new products and services.
- They improve their processes.
- They design new organizational systems and business models.
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