In a world of knowledge spillovers, open innovation asserts that knowledge that is external to a company can be profitably exploited if matched to the firm's core competencies. According to Henry Chesbrough’s book of the same name, open innovation “is a paradigm that assumes firms can and should use external ideas as well as internal ideas, and internal and external paths to market, as the firms look to advance their technology.” The basic is idea is that the boundaries between a firm and its environment have become more permeable, so innovations can transfer inward and outward. In a similar manner, unused or under-exploited internal knowledge can create revenues if properly disseminated to third parties, i.e., through licensing, joint ventures, spin-offs, etc. This topic covers that latest information on open innovation.
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