Not all the smart people work for your company. Henry Chesbrough explains how corporations can all benefit from open innovation. This is true both from the outside in – leveraging external ideas and technology to reduce costs and time spent in research and, more crucially, from inside out, making unused innovations more accessible to external users. To fully embrace open innovation, organizations need a change in mindsets and an acceptance that we live in a world of abundance of knowledge. It is possible to protect the original investors in research and development while still maximizing the fruits of this knowledge.

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Author: Henry Chesbrough Adjunct Professor and Executive Director of the Program for Open Innovation at the Haas School of Business at the University of California at Berkeley, Henry Chesbrough is a world expert in open innovation, a concept that breaks down the walls between a firm’s research and development department and external markets. Chesbrough was the first major academic champion of the idea and is the author of, among numerous other books and papers, Open Innovation: The New Imperative for Creating and Profiting from Technology (Harvard Business School Press, 2003).

Image: Henry Chesbrough