Generally for a large number of enterprises, innovative research is carried out mostly inside the company via closely directed steps. But in the last decade a companies opened up their research and product development technologies to find out innovative ideas from outside their walls. In this open innovation process anybody can be involved in solving a problem; they may be suppliers or inventors or smart people or third party organization.
For the next step, many companies want to allot more of their innovations to open innovation networks of independent specialists who may communicate with each other to develop any product or service. The companies also hope that they may be able to develop their new product or services more quickly and cheaply in this way.
But another important thing is that open innovation should take place throughout the total innovation process. That means, the innovation lifecycle should be conducted through the following steps: getting ideas, product design, production and sales.
Companies should take the advantages from this open innovation which gives original and bright ideas as well as which is evolutionary. Many large companies want to take the opportunity of this open innovation due to its power of logical resources from outside the company. Usually from this technology a company can get a huge number of resources from outside the company, whereas inside the company there is quite a small amount of resource available compared to the amount of resources available from outside. Except this open innovation can create original and brilliant ideas beyond just another business trend which is obviously beneficial to a company. This is why open innovation is taking a permanent place in business world.
But in future, to use open innovation(http://www.philoptima.org/
If any company takes care of all these actions then it can make a great benefit from open innovation in future.
