Open innovation is at home in the areas of digital transformation, Industry and Factory 4.0 and artificial intelligence. The term describes an approach in which companies no longer rely solely on their own ideas and developments, but instead specifically incorporate knowledge and solutions from outside. The aim is to make innovations faster, more efficient and often cheaper.
Instead of secrecy, open innovation centres on an open exchange between companies, start-ups, external experts or even the public. For example, companies from Industry 4.0 can work together with technology start-ups on new solutions for production processes. They utilise the combined expertise by conducting joint research, sharing data or organising competitions on specific challenges.
An illustrative example: a car company organises a competition for a challenge in the field of environmentally friendly drive technologies. Engineers, researchers and creative inventors from all over the world can submit proposals for solutions. The best ideas are supported and realised by the company. This often results in ground-breaking innovations that a single company might not have developed on its own.
Open innovation therefore promotes creative exchange and accelerates technical developments in an increasingly networked world.
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