In 2015, Open Innovation market size was valued at € 5.5 billion

As inbound innovation becomes challenging and less viable, companies are adopting to open innovation rapidly. Patents were earlier filed in papers in local language which made it timeconsuming to identify and monetize. Technological advancements in Patenting databases has now made it easy to classify patents with Metadata and even high-quality machine language translation is available to decode Patents filed in foreign scripts.

Companies can mitigate challenges and adopt Open Innovation by

  • Using new patent databases and patent analysis software to identify right technology and partners
  • Negotiating access in an equitable and timely manner
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