About Open Innovation
Open Innovation, i.e. the practice of being open to external sources for fulfilling ones R&D requirements, has been identified as an important management innovation of the past decade and it is also accepted to be a key trend which can influence business and management in the coming decade. Open Innovation is a more efficient, effective and fair way of innovating. It is faster, cheaper and more efficient. Big companies like P&G. Nestle, Orange, Tesco, GSK, Eli Lilly, Virgin, etc. have embraced this model. Some of them have even come up with successful products like P&G (Olay Packaging, Oral B Pulsonic Toothbrushes) and GSK (Aquafresh White Strips)
Open Innovation approach to managing innovation calls for a paradigm shift in the way R&D divisions work. Keep Reading…
