Companies seeking to ride the competitive wave are well advised to rethink their conception
of innovation. The rules of engagement in innovation management are changing continually.
And so, therefore, must companies' approach. Traditional, inward-looking innovation
strategies no longer suffice. Companies must learn to co-innovate. Coinnovation enables
firms to complement their internal innovation efforts with external sources, opening multiple
opportunities for step-change improvement in the firm's innovation performance.