Looking at Closed versus Open Innovation

Once viewed as the antiquated approach to innovation, closed innovation models have given way to open innovation, opening new doors for businesses, and shifting the way innovation is approached. While it may not work for everyone, the advantages of open innovation continue to be recognized across industries, as companies realize the potential for growth beyond their own barriers. Big pharma, for instance, was one industry that had long held on to its patents, fiercely safeguarding the technology behind its products. But with tighter competition and advances in technology, companies such as AstraZeneca have moved to open innovation models, where they share not only the research costs, but ideas and technology with other businesses, something previously thought impossible. There is not a one-size-fits-all strategy for innovation, but continuing advances in technology and greater access to shared knowledge have made it clear that open innovation is here to stay.