The Forbes website notes that the old conglomerate Philips’ recent successes are an important milestone for the open innovation movement because OI has given Philips renewed zest. Its share price has been on the rise over the past year and the market is receptive to its new partnerships and more collaborative culture. Being able to leverage the collective brainpower and creativity of external sources effectively can accelerate bigger and better innovation. It is also a more cost-effective way of innovating.
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