Benefits of open innovation for companies

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Now that you know what open innovation is, check out the main benefits of this approach below.

Access to valuable information
With the help of open innovation, organizations can access hungary mobile database sources of innovation, through customers, suppliers, research institutions and startups. In practice, this provides broad access to new ideas, knowledge and experiences that would not be available internally.

Encouraging innovation
In practice, the exchange of experiences, knowledge and technologies drives innovation. After all, the company gains external allies and can work with competitors when developing a disruptive technology , for example.

However, it is essential to be careful about the legal risks involved, such as intellectual property protection. This information should be included in the partnership agreement. The document should also establish which information will be made available to external agents and the confidentiality rules.