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Review:

Open Innovation

overall review score: 4.5
score is between 0 and 5
Open innovation is a business strategy that encourages companies to collaborate with external partners to harness outside ideas and resources for innovation.

Key Features

  • Collaboration with external partners
  • Integration of external ideas and resources
  • Increased innovation and creativity

Pros

  • Access to a wider range of ideas and expertise
  • Lower research and development costs
  • Faster time to market for new products or services

Cons

  • Challenges in protecting intellectual property rights
  • Potential conflicts with internal innovation processes

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Last updated: Fri, Jan 10, 2025, 03:29:05 PM UTC