Information and translations of Open innovation in the most comprehensive dictionary definitions resource on the web. Definition Open Innovation "Open Innovation", the term was coined in 2003 by Henry Chesbrough, is the opening of the innovation process. A quick definition of open innovation. Open innovation is a collection of information sharing and collaborative strategies that are designed to stimulate innovation. In some cases, open innovation also asks the community to design things with strategies such as design competitions. Once new products have been developed secretly and behind closed doors, today a targeted integration of customers, researchers, suppliers and partners into the innovation activities takes place. It is the use of intentional inflows and outflows of knowledge to accelerate internal innovation and expand markets for external use, “the researcher wrote. Even though a few common key success factors for open innovation can be named, there’s plenty to be learned from companies who’ve actually been using open innovation.. There is another definition of open innovation out there, one that builds on the concept of open-source software. •The Concept of Innovation •“Open Innovation is the use of purposive inflows and outflows of knowledge to accelerate internal innovation, and expand the markets for external use of innovation, respectively.” •“Open Innovation processes combine internal and external ideas into architectures and systems.” One is the “outside in” aspect, where external ideas and technologies are brought into the firm’s own innovation process. “Open innovation presupposes that companies can and should use external ideas as well as internal paths as they seek to move forward in their innovation process. Definition of Open innovation in the Definitions.net dictionary. Open innovation is a model that challenges the traditional, internally focused R&D funnel. This post gathers examples and key learnings from a wide range of companies using open innovation in different ways. What does Open innovation mean? Innovation definition is - a new idea, method, or device : novelty. How to use innovation in a sentence. 'Open Innovation' is one of those terms that appear often in business-related news and discussions but don't reveal their definition in the first instance. As my definition suggests, there are two facets to open innovation. What is the difference between innovation and invention? This means sharing knowledge and information about problems and looking to … These include requirements to share innovation and develop feedback loops within an organization or a community. Open innovation is the practice of businesses and organizations sourcing ideas from external sources as well as internal ones. Meaning of Open innovation. 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