The term “open” is rich with significant and positive connotations. It is associated with frankness, liberty, flexibility, expansion, compromise and sharing. However, it isn’t an adjective usually associated with businesses; words such as “insular”, “bureaucratic”, “hierarchical” and “closed" are much more accurate.

In the following article Don Tapscott, one of the world’s leading authorities on innovation, media, and the economic and social impact of technology, reveals the three dimensions that are key to really opening your business. The three are linked, but distinct. Discover them here!

Depending on how you approach the subject, innovation can be discussed from various angles. For Henry Chesbrough, who coined the term “open innovation”, the key to innovation lies in looking for collaboration, not being afraid to open the doors of your company and, of course, to experiment. “Invention isn’t the same as innovation.” From the World Innovation Forum New York stage, Chesbrough challenged the audience to change their perspective of what it means to innovate. Read on for more on the state of innovation today, and how we can use innovation to move forward in order to help restart the economy.

In a recent WOBI webinar, we hosted a discussion with Dr. Henry Chesbrough of the Program for Open Innovation at Berkeley Haas, as well as speaker at this year’s World Innovation Forum New York 2012, along with Bill Schulz of Walden University. The conversation was focused on open innovation and how companies can begin to incorporate outside ideas/participation/talent, and then develop it to be put back into the market. Here were our top ten takeaways: