Which of the following best explains the concept of 'closed innovation'?
A) To develop new products and process without collaboration.
B) To create close collaboration with competitors.
C) To create close collaboration with suppliers.
D) To create close collaboration with parties that share the company's markets.

Question

Which of the following best explains the concept of 'closed innovation'? 
A) To develop new products and process without collaboration. 
B) To create close collaboration with competitors. 
C) To create close collaboration with suppliers. 
D) To create close collaboration with parties that share the company's markets.

Quizplus · Accepted Answer

Closed innovation refers to a process where a company relies on internal resources to develop new products and processes without seeking collaboration outside the organization.

Which of the Following Best Explains the Concept of 'Closed