What Is Collaborative Innovation? Collaborative innovation is the process of multiple employees or teams combining their knowledge, skills, experience and resources to create or improve upon a solution for a common benefit.

The concept of open innovation is straightforward: companies should move away from locking down internal information and, instead, make innovation a collaborative effort that includes voices and talents outside of the organization.

There are many benefits from collaborative innovation when it's done well. For example: By working together, you can potentially make faster progress and do so more efficiently. You can build stronger processes and more robust solutions because you've had more diverse input into the innovation itself.

By engaging in global innovation collaboration and systematic R&D, firms can enhance their innovation performance and drive economic development. Furthermore, collaboration between organizations with a common goal can share costs and risks, increasing the chances of successful innovation projects.