Open innovation is
A)a model for organising the process where firms seek to source ideas from inside and outside
B)an approach to risk management in innovation
C)a board-level commitment to unlimited funds for innovation activities
D)an innovation project with no limit on the number of staff employed

Question

Quizplus · Accepted Answer

Open innovation refers to a model or approach where firms seek to source ideas from both internal and external sources. It involves collaboration, knowledge sharing, and partnerships between firms, individuals, and organizations to develop new products, services, and technologies. It is not a specific approach to risk management, a financial commitment, or a project with unlimited resources.

Open Innovation Is