My favorite parts:
"...this closed attitude has been replaced by an approach that explicitly creates room for partners in the development of new products. Open innovation, as the platform for making maximum use of each others' core competencies, forms the basis for a new period of future innovations."
For example, in the Netherlands, the website Dutch Lwww.battleofconcepts.com (google English translate version) allows businesses and government agencies to tap into the country's freshest brains. It works like this: a company poses a question or challenge to an audience of students and young professionals up to the age of 30. This is the ‘battle'. Students then submit their ‘concepts', or solutions, in return. Responses are anonymised and the company chooses the 20 best answers.
The prize money attached to each particular challenge, which can be between €2,500 and €10,000, is then distributed according to a standard scale. Financial services provider Rabobank recently offered a €5,000 carrot for clever ideas to help it engage with entrepreneurs and business start-ups via social media.
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