Pankaj Deshpande

In the ever-evolving landscape of business, staying ahead demands constant adaptation. One revolutionary concept that has reshaped the way companies operate is the Open Innovation Model. Introduced by Henry Chesbrough in 2003, this model was a watershed moment in the world of business, aiming to broaden the horizons of knowledge and perspectives within a firm to foster innovation. Its impact, felt since its inception, continues to reverberate throughout the global market. What Exactly is the Open Innovation Model? At its core, the Open Innovation Model represents a progressive approach to business management, one that champions innovation and fosters collaboration with external entities, such as other companies and individuals. This collaborative effort serves to disrupt the conventional mindset prevalent within a company, welcoming fresh talents and perspectives into the fold. Implementing open innovation practices involves various strategies, including: 1. Collaborative Ventures Eng...