Open Innovation for Fostering Business Development in a Corporation

Agus Budiyono

Abstract


This paper explores the role of open innovation in fostering business development within corporations. Open innovation, as a strategic approach, emphasizes the importance of collaboration and knowledge sharing with external stakeholders to drive innovation and achieve sustainable growth. Drawing on a comprehensive review of existing literature and empirical evidence, this study identifies the key drivers, challenges, and benefits associated with implementing open innovation practices. It also highlights various open innovation models, including collaborative partnerships, crowdsourcing, and technology scouting, that can be tailored to suit different organizational contexts. The findings underscore the potential of open innovation in enhancing idea generation, accelerating product development cycles, expanding market reach, and mitigating risks. Furthermore, this paper offers practical insights and recommendations for corporate leaders and managers seeking to effectively leverage open innovation as a catalyst for business development, highlighting the importance of creating a supportive organizational culture, establishing robust collaboration mechanisms, and leveraging emerging digital platforms.

Keywords


open innovation, collaboration, business development

References


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