To compete effectively, companies will increasingly have
to look beyond their internal walls for sources of
advantage. Open innovation—bringing ideas and solutions
into your company from your partners, suppliers and
customers, or tapping the “wisdom of crowds” through
innovation markets – has gained favor as a way of
creating value. Why? Because this new approach is
delivering measurable results for its practitioners at a
fraction of the cost of their old, proprietary methods.
It’s increasingly clear that open innovation is no
longer an option. Businesses that don’t harness its
power risk being left behind. 2009
