Chesbrough’s open innovation
No innovation is an island. Nor can innovators be successful if isolated. Yet it is tempting to hide innovation efforts from the world, to avoid our best ideas being copied. If you do all the work yourself, you may be able to keep your idea secret. But doing all the work yourself is usually more expensive than being open to the ideas of others. Closed innovation can be so slow it fails.
Closed innovation is a particular approach to making new ideas work. It became traditional in very large corporations that invested heavily in their own research and development (R&D). Big R&D departments moved all ...