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 __________.
A)innovation alliances
B)open innovation
C)open collaboration
D)"piggy-back thinking"
E)patent alliances

Question

Quizplus · Accepted Answer

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