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September 30, 2014 @ 2:12 pm

S2-E13 What is Open Innovation?

Elouise Young earned her PhD in Organic Chemistry from MIT and today leads innovation programs on behalf of one of the world’s leading firms in the area of Open Innovation, NineSigma.

Open Innovation, also known as external or networked innovation, is focused on uncovering new ideas, reducing risk, increasing speed and leveraging scarce resources. With a better understanding of “what is out there”, a company is able to lower risk by combining external capabilities with internal innovation resources. The old question of “Why reinvent the wheel?” clearly applies, as Open Innovation enables a company to connect with someone who has already developed the technology in need or who is further along the development path.

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