The term
open innovation means a situation where an organisation doesn’t just rely on their own internal knowledge, sources and resources (such as their own staff or R&D for example) for
innovation (of products, services, business models, processes etc.) but also uses multiple external sources (such as customer feedback, published patents, competitors, external agencies, the public etc.) to drive
innovation. There are two types of
open innovation: inbound
open innovation, and outbound
open innovation. Inbound
innovation is about sourcing and acquiring expertise from outside the organisation, and scanning the external environment for new information to identify, select, utilise and internalise ideas. Outbound
innovation is the purposive commercialisation and capture of internally developed ideas in the organisation’s external environment. This might be through selective revealing of a product to journalists and reviewers or selectively selling the technology or service to customers with a view to getting feedback (The Oxford Review Encyclopaedia of Terms, 2019 AU10: The in-text citation "The Oxford Review Encyclopaedia of Terms, 2019" is not in the reference list. Please correct the citation, add the reference to the list, or delete the citation. ).
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For an Open Innovation Platform Dedicated to Education: A Blockchain Approach