Businesses in every sector are under pressure to innovate to stay ahead of the competition. ‘’Open innovation’’ is a term that has come to describe innovation which extends beyond the traditional Research and Development department of a business and embraces a broader pool of talent and ideas within the whole business and frequently also extends to an external partnership with a third party collaborator to assist with and accelerate the process.
Collaborative innovations or innovative collaborations (both descriptions apply) present opportunities to reduce costs, share risk, provide broader access to talent and ideas, and ultimately achieve greater monetary gain.
Data frequently plays a central role in this drive towards ‘’open’’ innovation as there is a significant value attached to it. Data can be used to generate new products or services and revenue streams, to identify efficiencies within an organisation and reduce costs, and to inform strategic decision-making.
To download the full article, click here
Key contacts
Disclaimer
The articles published on this website, current at the dates of publication set out above, are for reference purposes only. They do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action.