What to Consider Before Establishing a Partnership
In a world of widely distributed knowledge, companies cannot solely rely on their own competencies to sustain a competitive market position. The paradigm of Open Innovation recognises this and provides a structure which encourages organisations to go outside the four walls of their team, department and company to find and access knowledge to fill internal competency gaps. Engaging in Open Innovation requires an organisation to develop a strategy, build a networking culture and create partnerships with external sources. In the context of Open Innovation, partnerships enable companies to establish relationships with universities, SMEs, research institutes, etc. to acquire or jointly develop a technology.
