Summary
One of the hottest topics in business management today is open innovation. The concept uses an open business model for companies to “co-innovate” with their partners, suppliers, and customers – in order to accelerate the rewards of innovation. For example, a small or midsized company develops a game-changing new idea and works with a larger company to bring the product to market.Through the collaborative relationship of open innovation, companies are able to leverage new ideas and products, and conduct experiments at lower risk levels.

Description
Here are some tips for nurturing open innovation in your business:

*It takes leverage, courage, and toughness to create a balanced open innovation relationship. In a balanced relationship, the IP or technology of the inventors or small business should remain theirs.

*Develop both reactive and proactive ways to address open innovation. On the reactive side, invite the world’s finest innovators seeking open innovation opportunities to develop your IP needs.

*Proactively, tap into local universities, companies, and venture capital firms to meet inventors, set up networks, and make connections that are not readily apparent to most people.