Managing open innovation

A paradigm shift is occurring in how companies commercialize knowledge, from Closed Innovation to Open Innovation. The Open Innovation paradigm assumes that firms can and should use external as well as internal ideas, and internal and external paths to market, as they look to advance their technology. It assumes that internal ideas can also be taken to market through external channels, outside a firm's current businesses, to generate additional value. To manage innovation within such system and to monitor the opportunities offered by that system, companies need to alter their usual metrics for managing innovation.