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Open Innovation

Open innovation is a concept founded on the notion that a company can be more successful if it makes use of ideas and technologies derived from and developed by external sources, rather than simply relying on those developed internally. In practice, this involves innovating with external partners by sharing both risk and reward. This can and should be applied both to buying or licensing ideas and technology into the company and selling or licensing them out.

Successful implementation of open innovation requires a systematic and continuous process of exploring and exploiting innovative opportunities from all internal and external sources. This philosophy should be integrated across all of the company's capabilities and resources and opportunities should be exploited through all viable channels.

Intellectual property rights are the assets that allow the transfer of these ideas and technologies. In this sense, intellectual property is a form of currency for the open innovation market. Patents are the ideal vehicle for the transfer of technology, since their scope and strength can be assessed relatively easily.

 

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