Open Innovation and Open Business Model

11 Oct

“Open innovation is a paradigm that assumes that firms can and should use external ideas as well as internal ideas, and internal and external paths to market, as the firms look to advance their technology”

We can conclude that open innovation is a system that provide a place where people can contribute their ideas to a company. An open innovation will gather any kinds of innovation idea, and turn it into a big new innovation.

Nowadays, there are so many companies that run this system in the company. This system can be called as open business model. Companies such as Loreal and P&G have been running this program, and the outcome of this program is proved as a success. This program is really good for sake of many people. Because people an involve in many company without having to be a part of the company. This program also give benefits for many companies, because they could do many new innovation because of the source of idea that is unlimited.

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