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Article: OPEN INNOVATION & TECHNOLOGY TRANSFER
- Article from:
- Baylor Business Review
- Article date:
- October 1, 2009
- Author:
CopyrightCopyright Baylor University, Hankamer School of Business Fall 2009. Provided by ProQuest LLC. (Hide copyright information)
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THERE HASBEEN ASHIFT IN BUSINESS INNOVATION. LEAVING BEHIND A ONCE INTERNALIZED PROCESS, COMPANIES ARE BECOMING MORE RESOURCEFUL AND SUSTAINABLE BY COLLABORATING WITH EXTERNAL SOURCES FOR j R&D, A PRACTICE KNOWN AS "OPEN INNOVATION." WE TAKE A LOOK AT THE EVOLUTION OF OPEN INNOVATION ALONG WITH CONSIDERATIONS FOR ENTERING INTO AN OPEN INNOVATION AGREEMENT.
OVER THE LAST 10 YEARS, many companies have realized that the traditional method of funding R&D and business development was unsustainable. Applying a percentage of shrinking revenues to fund product enhancements and new product development in a fiercely competitive world simply was not adequate to remain competitive and to ...