About Open Innovation
The principle of Open Innovation evolved when companies started to realise that they cannot employ all the smart innovators in the world. Since then, Open Innovation has started to redefine business models. It is a method for co-developing products, applications and services. This allows businesses to access new capabilities and markets by leveraging external knowledge and IP, without having to invest heavily in developing new technologies internally.
More importantly, not only are the rewards shared, but so are the risks and resources.
Companies are starting to realise that vertically integrated R&D structures are not the only way forward. These are exciting times; more and more companies are starting to embrace Open Innovation as part of their business model.
We believe that Open Innovation has a huge potential to bring capabilities together in Wales to co-develop new technologies that could have a positive impact on our future and the region.