Open vs Closed Innovation: Differences and Key Features | Corporate Lab

Open innovation is a kind of corporate innovation that involves collaboration with various agents outside of the company, while closed innovation is entirely based on internal resources. Intellectual property is often shared when collaboration is encouraged. Closed innovation is preferable in unique product situations, while open innovation is ideal for exploring new paths and generating creativity. Combining both approaches can be advantageous depending on business goals. Collaboration with other startups is an effective way of giving back to the community for both open and closed innovation types.