Entrepreneurship

Open Innovation

The word “open innovation’’ itself speaks volumes. The concept of Open Innovation has generated an avalanche of interest. It is a business concept which was developed by Henry Cherbourg. It encourages companies to obtain outside sources of innovation in order to improve the product lines and shorten the time required to bring the products out to the market.

For many experts, this concept gave them a new language to speak about the nature of R&D. It has helped them to encourage business leaders to experiment with a wide range of new models for generating and commercializing innovation. Innovation scholars have also embraced this concept and have now even spawned conferences. Various governments have also re-aligned their policy frameworks towards open innovation.