Elouise Young earned her PhD in Organic Chemistry from MIT and today leads
innovation programs on behalf of one of the world’s leading firms in the
area of Open Innovation, NineSigma.
Open Innovation, also known as external or networked innovation, is
focused on uncovering new ideas, reducing risk, increasing speed and
leveraging scarce resources. With a better understanding of “what is out
there”, a company is able to lower risk by combining external
capabilities with internal innovation resources. The old question of
“Why reinvent the wheel?” clearly applies, as Open Innovation enables a
company to connect with someone who has already developed the technology
in need or who is further along the development path.
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