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.This practice is referred to as __________.
A)innovation alliances
B)open innovation
C)open collaboration
D)"piggy-back thinking"
E)stakeholder cooperation

Question

Quizplus · Accepted Answer

Open innovation refers to the practice of seeking new product ideas by collaborating with outside individuals and organizations. This approach allows companies to tap into a broader range of knowledge and expertise than they might have within their own organization. Innovation alliances, open collaboration, and stakeholder cooperation are related concepts but do not capture the specific idea of seeking new product ideas from external sources. "Piggy-back thinking" is not a commonly used term in innovation management.

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