Software as a Service (SaaS) is a well known acronym for software distribution model in which applications are hosted by a vendor, and made available to customers over the Internet. Can this concept be applied to innovation? As a matter of fact, we see a growing number of initiatives where innovation endeavor is hosted outside the company.

Let a hundred open innovation flowers blossom. Whopping initiatives are thriving on a one-to-many scale, resulting in distinct open innovation processes. First thing to is select the process which corresponds to your purpose, and prepare for intense and lasting dialogue.

Check out some of our favorite innovation quotes from this past week! Author names will link you to the quoted articles.

A new open innovation trend has begun to take hold. The turning point was Henry Chesbrough’s 2003 book, Open Innovation, which coined the term and laid down basic principles. Since then the idea has gained steam and it's becoming clear that open innovation initiatives are key to staying competitive.