Management Innovation for the Future of Innovation
Ivey Business Journal
In a world of widely distributed knowledge, the emergence of Open Innovation means that firms cannot afford to rely only on their own research, but should buy or license processes from other firms. Further, they should allow unused internal inventions to be taken outside the company through licensing and spin-offs. This article, by the scholar who coined the term Open Innovation, chronicles the history of innovation from the 1960s to the new millennium, when Open Innovation arose. It offers predictions for the future of innovation, such as that innovation management will become more collaborative and that business model innovation will become as important as technological innovation.
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