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Use Open Innovation to Access External Expertise Instead of relying solely on internal R&D, companies can collaborate with startups , universities, and research institutions to source breakthrough ideas. Open innovation platforms and strategic partnerships allow businesses to tap into a broader knowledgebase and accelerate development.
It not only generates sustained ideation, but innovation flourishes when employees feel valued, included, and heard. Crowdsourced employee innovation is another option for engaging employees to offer insights into or solutions to a business challenge. Pfizer engages 90,000 employees for hundreds of innovations.
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