Open innovation is "the use of purposive inflows and outflows of knowledge to accelerate internal innovation, and expand the markets for external use of innovation, respectively.” Open innovation can be understood as the antithesis of the traditional vertical integration approach where internal R&D activities lead to internally developed products that are then distributed by the firm. As my definition suggests, there are two facets to open innovation. One is the “outside in” aspect, where external ideas and technologies are brought into the firm’s own innovation process. This is the most commonly recognized feature of open innovation. The other, less commonly recognized aspect is the “inside out” part, where un- and under-utilized ideas and technologies in the firm are allowed to go outside to be incorporated into others’ innovation processes.
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