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Open Innovation

The principles of Open Innovation, a term coined by H.Chesborough in his book upon the the same subject, are as follows:

  • The company has to make the best of internal and external ideas;
  • The company does not have to originate the research to profit from it;
  • External R&D can create substantial value for the company;
  • Building a better business model is better than getting to the market first;
  • The company has to profit from others’ Intellectual Property and buy it whenever it advances its business model and also profit from others’ use of its Intellectual Property;
  • Ultimately, If the company creates the most and the best ideas in the industry, it will win

A shift therefore needs to take place within the company in the way that people look at the company and its environment. By involving other parties when developing new products and technologies it is possible to add great value.

CreoTech will take its partners through the Open Innovation process and assist with creating and developing internal ideas and bringing in qualified external R&D partners to assist in your development.