The modern world is constantly moving forward, and at an ever-increasing pace. The rate of change is highly influenced by the rate of technological development.
An in-house innovation program is becoming a common fixture in the most competitive organizations. However, in a recessed economy, these research & development programs can sometimes get eliminated, because they struggle to prove or articulate value.
There is one area in which open innovation differs significantly from in-house innovation: the legal element. The consequences of ignoring the legal side of open innovation can be catastrophically expensive, warns Jeffrey Baumgartner.