Open Innovation – Definition and Benefits

Open InnovationAs you know, it is important to establish a workplace where creativity and innovation thrive.

“Open innovation” – a trendy term nowadays – can help you do this. But what exactly does “Open innovation” mean?

Henry Chesbrough, the author credited with coining the term, defines open innovation as:

“…the use of purposive inflows and outflows of knowledge to accelerate internal innovation, and expand the markets for external use of innovation, respectively.”

Whew, that was a mouthful! Here’s a (I hope!) simpler version:
Open innovation is about building a system where ideas flow openly from your customers, employees, and other stakeholders such as partners & suppliers. This system allows you to [Read more…]