Open Innovation
Open innovation assumes that useful knowledge is widespread, so that one needs to innovate by developing effective mechanisms to access this useful knowledge, and to share useful knowledge with others. Open Innovation is based on the fundamental idea that useful knowledge is now widespread throughout society. No one organization has a monopoly on great ideas, and every organization, no matter how effective internally, needs to engage deeply and extensively with external knowledge networks and communities. An organization that practices open innovation will utilize external ideas and technologies as a common practice in their own business and will allow unused internal ideas and technologies to go to the outside for others to use in their respective businesses.