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“Open innovation makes businesses focus on their core competences and reduce the time-to-market: important advantages.”  Rick Harwig, CTO Royal Philips Electronics
Open innovation is all about collaboration. With the current state of technology, a single-firm solution is a thing of the past. Specialist companies, knowledge institutes and governments are increasingly joining forces.
This has its benefits. Using each other’s strengths, knowledge, experience and expensive research equipment will result in efficient and effective technology developments. Combining views and visions will create synergy.
The success rate of new initiatives that emerge from open innovation is substantially higher than the success rate of closed research centres. Open innovation also creates space for specialist companies to develop their core business at a high level and to market new products effectively.
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Creating synergy