Open innovation can be viewed as utilization of both the internal and external ideas for problem-solving and idea generation during new product development or existing product improvement. It is a strategy to open a company’s innovation process and allowing purposeful collaboration with external partners offering different advantages, such as use of external expertise, shorter time-to-market, lowering capital intensity and reduced failure rates etc. The success of open innovation or partner identification is directly linked to the selection of right partners who can contribute to the strategic project success.

A proven method for identification of right partners is through patent & scientific literature searching conducted by subject matter experts & identifying solutions in current & parallel industries. However, Mson IP has developed a systematic process & also has experienced workforce that helped multiple fortune 500 companies to successfully identify the unknown solutions from external partners.