How Open Innovation Can Save a Nation's Industrial Market
If the need for gaining a competitive edge is the symptom, Open Innovation can be the cure. In the past few decades China has risen to be a global economic power. Yet, as a result, China is facing a reduce in its industrial competitiveness, due to an increase in standard of living and rising labor costs.
What is the essential of maintaining a strong economy?
Open Innovation can be the answer.
Open Innovation is relatively a new concept. It is defined as a process characterized by the insemination of new technologies and know-how by industrial companies. The new technologies stem from external resources, rather than from internal sources - the “classic R&D” or “closed Innovation”. Therefore, it is recognized that Open Innovation is a key catalyst process for the growth of the industrial sector, allowing competitiveness in fast growing economies. This, can maintain the economic growth in parallel with the rising standard of living for the people. Open Innovation can be also considered at the Nation-2-Nation level, with significant advantages and cross-border force multipliers. All in all, governments as well as large corporates have to consider new tools and operational mechanisms and be disruptive in their policy making with creative and non-conformist thinking, just like those new innovations we learn about.
Open Innovation is the new direction and the crystallizing trend for Venture Capital structure and operational mode of the next decade. Shirat Enterprises has a unique approach on this and is establishing new operational platforms exactly to reach these goals.
