No company today, no matter how big or how prestige, can innovate effectively on its own.
Successful companies do not only rely on their own internal knowledge and resources for innovation but also use external sources to generate new ideas through collaboration with customers, partners, competitors, universities, or start-ups. This is underpinned by the concept of a sharing economy that increasingly gains importance nowadays. Resources and knowledge should be collectively shared to create benefits for the society as a whole.
However, psychological barriers and fears cause employees to not even exchange knowledge with their colleagues within the organization across different teams, departments or subsidiaries. The biggest barrier to open innovation is the lack of an open collaborative culture and an Open Innovation Mindset among the employees.