Which of the following statements holds true for open innovation?
A)It refers to the generation of new business ideas through input from employees beyond a company's R&D department and even going outside the firm to enlist contributions from experts, customers, suppliers, and competitors.
B)It refers to companies setting up joint collaborative ventures with rival organizations to make improvements in the manufacturing process.
C)It refers to the implementation of a new or significantly improved process.
D)It refers to the innovation which is not patented by the organization and is offered for free for the common people to use.
E)It refers to companies setting up joint collaborative ventures with governmental organizations to make improvements in the manufacturing process.

Question

Quizplus · Accepted Answer

Open innovation is a concept that involves extending the innovation process beyond the traditional boundaries of a company. It includes seeking ideas and contributions from external sources such as customers, suppliers, and even competitors, not just from the internal R&D department. This approach contrasts with closed innovation, where all innovation activities are carried out internally. The other options describe different concepts that do not align with the core definition of open innovation.

Which of the Following Statements Holds True for Open Innovation