Open Innovation: Corporations Success Mantra

Abstract

Open innovation is the process of searching outside a company’s walls—and even its own industry—for technology and solutions to keep it at the cutting edge. More companies now believe that open innovation has emerged as a best practice when it comes innovation. Putting your needs out in the open is sometimes better than trying to innovate in- house or in secret. Big corporations have embedded innovation as a strategic goal. The speed at which information and ideas move throughout the global economy has forced organizations to adopt innovation as part of their processes and to develop cultures that encourage experimentation and new ideas. In this paper, an attempt has been made to discuss the relevance of open innovation as success mantra of many corporations leading worldwide.