Commercialize Underutilized Technologies via open Innovation

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Commercialize Underutilized Technologies via open Innovation
Tadesse Mengistie, Member, Other

Open innovation is coming to be the best strategy for success of businesses in developing countries.

The university-industry link should be encouraged in line with the open innovation paradigm. Universities
may have underutilized technologies that can be best commercialized in businesses with a better business model than
those who develop them (the universities).

Research and development has traditionally been securely sequestered inside vertically integrated organizations. No more. A new environment has emerged in which good ideas that could be—and should be—essential to your enterprise can be found almost anywhere.

“Open innovation” leverages this knowledge available outside the organization to your advantage, as venture capitalists do. Chesbrough focuses on both the internal factors and the external trends that shape organizations innovation success.
Knowledge is no longer concentrated in a few centers of learning— universities, the government, a handful of companies big enough to support major R&D efforts. Today, knowledge is everywhere.

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