Explain the Concept of Open Innovation

question 20

Essay

Explain the concept of open innovation.

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Definitions:

Social Responsibility

The obligation of an organization to act in ways that benefit society at large, beyond its own interests.

Ethical Standards

Principles that guide the behavior of individuals and organizations, ensuring actions are morally right and respectful towards others.

Economic Performance

The assessment of the productivity, profitability, and growth indicators of an economy or a business entity.

Public Relations Campaigns

Organized efforts to manage the spread of information between an organization and the public to build a positive image and influence public perception.