Open innovation is a concept where organizations use external ideas and technologies, alongside their internal resources, to drive innovation. This approach encourages collaboration with various stakeholders, such as customers, suppliers, and even competitors, to enhance creativity and problem-solving. By sharing knowledge and resources, companies can accelerate the development of new products and services. This model contrasts with traditional innovation, which relies solely on internal research and development. Open innovation allows for a more dynamic exchange of ideas, leading to improved outcomes. Companies like Procter & Gamble and IBM have successfully implemented open innovation strategies to tap into a broader range of expertise and insights.