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Open innovation, a term coined by the American economist Henry Chesbrough, refers to an approach to innovation based on which companies create innovative products and services also on ideas, resources and technological skills that come from outside, in particular from tech hubs, startups, universities, suppliers and consultants. According to Chesbrough, "closed innovation", i.e. innovation within the company, is no longer enough. Keeping up with technological innovations represents an indispensable business model. Companies' fears of not being the sole intellectual owners of innovations remain but this now represents the least risk and an ancient way of looking at their business models. With the new strategies introduced by the new economy, not collaborating with other companies that are often more advanced from a technological point of view can prove to be a significant strategic mistake.