User:Ashwinmadhavan/Open Innovation and Intellectual Property

OPEN INNOVATION AND INTELLECTUAL PROPERTY

Open Innovation is a new strategy which many industries, corporate houses and the like are applying in order to commercialize their internal IP (intellectual property) and to obtain a huge plethora of external innovations in order to commercialize them as well. In this approach, firms work and interact with external partners and create newer and better technologies and products and thereby benefitting from this interaction. In other words Open Innovation is also known as Commons based Peer Production. This term was coined by Harvard Law School Professor Yochai Benkler to portray a new model of economic production, in which the resourceful energy of a large number of people is coordinated with the aid of internet into projects without the usual hierarchical organization. Open Innovation actually means connecting external and internal ideas/technologies.

The basic premise of Open Innovation is: Keep your valuable proprietary to yourself and leave everything else to external innovation. Innovation is less about inventing new or building new things and more about coordinating good ideas for commercialization.