open-innovation

About open-innovation

The open innovation is an approach to innovation in which a group of people are selected to participate in the design, development, and finalizing of a new product or service. Open innovation was originally developed by the Open Innovation Centre at MIT Sloan School of Management . It is an attempt to solve problems that are difficult to address by developing solutions from scratch or by collaborating with outside parties. Inventive thought and discovery process must be available for new solutions.For example, at the start of the 20th century, A-list movie stars around the world were known for their lavish lifestyles. While no one in our history dared to suggest that they could raise a family on $5 million per year, such extravagant lifestyles started a trend among several successful businessmen