Many forward-looking companies have discovered that their own organization does not generate enough useful new-product ideas. This has caused them to find new-product ideas by developing strategic relationships with outside individuals and organizations, a practice known as
A)innovation alliances.
B)open innovation.
C)open collaboration.
D)piggy-back thinking.
E)stakeholder cooperation.

Question

Quizplus · Accepted Answer

The practice of finding new-product ideas by developing strategic relationships with outside individuals and organizations is known as open innovation. This approach allows companies to tap into a wider range of perspectives and expertise to generate new and innovative ideas for products and services. Open innovation involves collaborating with external partners, such as customers, suppliers, universities, and even competitors, to co-create and co-develop new products and services. Therefore, option B is the best choice.

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