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Article: From Light Bulb Inspiration to Product Innovation.
- Article from:
- Business Wire
- Article date:
- May 15, 2008
CopyrightCOPYRIGHT 2008 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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What do sports drinks, recombinant DNA, search engines, the PSA test and nicotine patches have in common? These breakthroughs were all initially discovered at universities and then transformed into household names by some of the world's leading companies.
Scientists and business executives are beginning to recognize that the concept of "open innovation" - the belief that companies should out-license their intellectual property, even to competitors - is necessary to bring consumers the best products imaginable.
"Approximately 50% of the prescription drugs you'll find in your medicine cabinets were discovered by small biotech companies. It's the big ...