ProvenModels – Open Innovation

Open Innovation is based on two core ideas:

1. companies should use external knowledge and technology to strengthen their own innovations
2. companies should create value from internally developed innovations that are not immediately applicable in their own business.

I first heard about Open Innovation Model in one of the HBR podcasts. I did not know the origin or who proposed the model. Today while searching for an entirely different topic, I stumbled upon  the Model Book, a treasure trove of information.