In a first view Open Innovation sounds like a generalization of the Open Source idea. Free intellectual property rights?
The term was promoted by Chesbrough, H. (2003), Open Innovation: the New Imperative for Creating and Profiting from Technology. Harvard Business School Press.
To my opinion ist is gaining and sharing knowledge, involving other parties when developing new products and technologies and combining internal and external ideas in the flow from research to packaging.
As a spin-off of distinguished mathematical research institutions the UnRisk Consortium lives the open innovation principles from the beginning.
Having decided to unleashing the programming power behind UnRisk we stretch this principle to customers and partners, who want to work with us on the basis of know-how packages.
This is already part of our business model since we have released UnRisk-Q. With the All-New UnRisk realization it will be further perfected.
UnRisk-Q enables quant developers to increase the effectiveness and efficiency of their innovations. They concentrate on the creation of their innovations relying on white-box tools from UnRisk - the same that are integrated in widely used UnRisk solutions at banks, capital management firms, insurances, ..
In short, we, at UnRisk, are here for innovation - we partner on innovative organizational and licensing arrangements for better technical and economic feasibility of our partners projects - transferring better tools for advanced valuation and risk management processes.