According to a recent study by PwC, 61% of companies are now using open innovation compared with 34% relying solely on traditional research and development methods. The study found that open innovation is widespread in the technology and automotive sectors. Open innovation involves partnering with other companies or organisations to develop new products or services. This approach has several advantages over traditional R&D methods:
- It allows companies to tap into a wider pool of ideas and expertise.
- It helps to reduce the risk of failure by spreading the cost of research and development across multiple partners.
- It can lead to faster innovation cycles since partners can often work independently on different aspects of a project.
As the global economy becomes increasingly competitive, it is clear that companies need to adopt new approaches to innovation to stay ahead of the curve.