Whether it's a faster way to move data, a cheaper way to power a car, or a cleaner way to sweep up dust bunnies, the right innovation can deliver huge profits to an organization. But given today's fast-paced global marketplace and limited resources for research and development, companies often struggle simply to survive, let alone innovate. Some experts say companies should go outside their walls and tap into "innovation networks." That's an external web of people; institutions or companies that help it solve problems or come up with new ideas. While organizations have formed alliances and strategic partnerships for hundreds of years, experts say this web of connections is becoming increasingly important today.
Source: Wharton Business School