Open Innovation is a concept that encourages organizations to use external and internal ideas to advance their technology and business models. This approach allows companies to leverage external knowledge, resources, and expertise, fostering collaboration with startups, universities, and research institutions. By embracing Open Innovation, businesses can accelerate their innovation processes, reduce costs, and enhance their competitive edge. This model contrasts with traditional innovation, which relies solely on internal resources. Companies that adopt Open Innovation often engage in partnerships and alliances to co-create solutions and share risks.