Many forward-looking companies have discovered that their own organization is not generating enough useful new-product ideas.This has led to finding and executing creative new product ideas by developing strategic relationships with outside individuals and organizations referred to as __________.

Question

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Open innovation refers to the practice of using external sources as well as internal sources to generate and execute new product ideas. This approach allows companies to tap into a wider pool of expertise and resources that can contribute to their product development process. It involves working with partners such as customers, suppliers, universities, and startups to co-create products and services. Open innovation can lead to faster and more cost-effective innovation, as well as a higher likelihood of creating breakthrough products.

Many Forward-Looking Companies Have Discovered That Their Own Organization Is