What is external innovation?

External innovation refers to the process where organizations seek new ideas, technologies, or partnerships from outside their own company to drive growth and stay competitive. This can involve collaborating with startups, universities, research institutions, or other companies to access fresh perspectives and expertise. By leveraging external resources, businesses can accelerate product development, expand into new markets, and reduce risks associated with innovation. External innovation is often part of a broader open innovation strategy, emphasizing collaboration beyond traditional organizational boundaries.