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What is Open innovation in Product Development?
Open innovation is an approach to innovation in which organizations seek and use ideas from outside of the organization to develop new or improved products, services, processes, or business models.
Open innovation is an approach to innovation in which organizations seek and use ideas from outside of the organization to develop new or improved products, services, processes, or business models.
The benefits of this approach include increased access to new technologies and markets, increased speed of product development and time-to-market, reduced costs, reduced risk of market failure due to lack of in-house expertise.
It is a way of making sure that the company stays on top of the latest trends and developments in the industry.
Open innovation can be achieved by licensing products or developing them with third-party manufacturers. It's also possible to outsource product development to inventors and companies who specialize in certain fields.
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