What is Open Innovation?
Most SMEs are familiar with the traditional, “closed” model of innovation, where enterprises generate and develop their own
ideas for innovative products or processes in order to remain competitive. However, with growing competition and ongoing
globalisation, enterprises should open their doors for the ideas, know-how and knowledge of external actors at a local, national and international level.
Open Innovation is a two-way process: The inbound process assumes that not all brilliant ideas are developed inside the
company, but that enterprises have to open up and collaborate with external partners such as R&TD centres, universities,
clients, suppliers, or even competitors. The outbound process on the other hand allows companies to sell their own innovative
technologies and processes to external partners (e. g. through licensing).