Unlocking Innovation: Companies Embrace Open Model to Maximize Ideas and Profit
The article discusses how the traditional way of innovating has changed, especially in fields like IT, nanotechnology, and biotechnology. Instead of just relying on internal ideas, companies are now using an open innovation model. This means they welcome ideas from outside sources at any stage of the innovation process. By doing this, companies can be more open to new ideas without losing control over how they are developed. It also allows companies to sell or license ideas they can't use themselves, preventing good ideas from going to waste.