Open innovation is a collaborative approach to innovation that involves sharing ideas and resources

between organizations, individuals, and communities. It is based on the idea that innovation can come
from anywhere and that by working together, we can create more value than we could by working alone.

A university graduate could take their innovation to the market using open innovation by following these
steps:

1. Identify potential partners: The graduate should identify potential partners who can provide
resources, expertise, and support for their innovation. This could include other companies, universities,
government agencies, or non-profit organizations.

2. Collaborate with partners: The graduate should collaborate with their partners to share ideas,
resources, and knowledge. This could include co-creating products, sharing research findings, or
participating in joint ventures.

3. Leverage crowdfunding platforms: The graduate can also leverage crowdfunding platforms to raise
funds and gain exposure for their innovation. Crowdfunding platforms allow individuals to pitch their
ideas to a large audience and receive funding from interested supporters.

4. Participate in incubators and accelerators: The graduate can also participate in incubators and
accelerators, which provide resources and support to early-stage startups. These programs can help the
graduate refine their business model, develop a go-to-market strategy, and connect with potential
investors.

5. License their innovation: The graduate can also license their innovation to other companies or
individuals, allowing them to bring the product to market while receiving royalties or other forms of
compensation.

In summary, open innovation provides a range of opportunities for upcoming innovators to take their
products to the market. By collaborating with partners, leveraging crowdfunding platforms, participating
in incubators and accelerators, and licensing their innovation, a university graduate can increase their
chances of success and bring their innovation to the market more quickly and effectively.