Review:
Open Innovation
overall review score: 4.5
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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