The Citistates Group

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BILL FULTON: The recent trend toward “open innovation” in corporate America is changing the way communities approach economic development policy. In fact, it’s making public policy on economic development more important than ever because prosperity emerges from the interaction.

Open innovation — a term coined by Harvard professor Henry William Chesbrough — requires a more public and collaborative approach as a way of developing new products, especially in the technology sector. By placing research labs close to college campuses and sharing knowledge more openly, the idea goes, we are more likely to see successful spinoff companies, and the flow of profitable new products will accelerate.
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