With the economic crisis continuing to bite, smart companies are looking at new ways to source innovative technology. Ian Pearce explains.
The current worldwide economic slowdown and ever decreasing budgets have not diminished the need to innovate and bring new products and technologies to market.
On the contrary, it is now even more important to reduce development times and research costs in order to provide additional revenue streams or avoid being overtaken by competitors. The financial woes of Kodak and RIM, the producer of the Blackberry smart phone, illustrate how even previous market leaders in their field can decline when they fail to innovate continually and successfully.
‘Open innovation’ as a concept was coined in 2003 by US business academic Henry Chesbrough. It accepts that there is innovation or expertise outside of your immediate company that could be harvested for your own gains. The challenge lies in identifying those partnerships, collaborations, licensing deals, acquisitions or potential new employees to feed into and accelerate your innovation cycle.
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Technology, economic crisis, ProQuest, innovation