In its place is a model in which ideas come from both internal development and by licensing technology from others. Some ideas result in products for the company that came up the concepts, while other ideas can be licensed out.
The result, proponents say, is a model of “open innovation” in which good ideas are not lost simply because they don’t fit with the company that developed them.
“We actually have to open up our business models,” said Henry Chesbrough, who wrote a book titled “Open Innovation” and serves as executive director of the Center for Open Innovation at the University of California’s Haas School of Business.
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