The Wisdom of the Crowd

​This concept breaks the idea that R&D must happen entirely within a company’s walls.

​💡 The Theory: Open Innovation (Henry Chesbrough)

​Open Innovation is the use of purposive inflows and outflows of knowledge to accelerate internal innovation. It assumes that firms can and should use external ideas as well as internal ones, and internal and external paths to market. Companies work with startups, universities, competitors, and customers.

​📝 Post Copy:

​The smartest people don’t all work for you. 🤝

​The old model of innovation (Closed Innovation) was like a fortress: you hired the best, protected your IP fiercely, and generated all ideas internally.

​In a world of distributed knowledge, this model is obsolete. Open Innovation (Henry Chesbrough) argues that the most innovative companies are porous. They actively seek ideas, technology, and partnerships outside their walls (Inbound OI), and they let unused internal ideas go outside for others to use (Outbound OI).

​Are you collaborating, or are you building a moat?

​#OpenInnovation #Collaboration #CoCreation #EcosystemInnovation #RAndD