“Companies are increasingly looking beyond their boundaries for help with innovation – working with customers, research companies, business partners and universities, and even competitors.
Businesses today are using external sources for all phases of innovation, from discovery and development to commercialization and even product maintenance.
Unfortunately, despite the growing acceptance of external innovation, many companies lack a sourcing strategy to guide them in managing it. They often take an ad hoc approach that produces uneven results, the very problem they are trying to avoid.
Instead of dealing with external sources one by one, companies should systematically examine and rationalize the increasingly important activity of innovation sourcing.”