Open innovation impacts technology development by encouraging collaboration across different sectors and organizations, allowing for the exchange of ideas and resources. By fostering an environment that welcomes external contributions, companies can accelerate the innovation process and access a broader pool of expertise. This approach enables organizations to leverage diverse insights for technological advancements and creative problem-solving. Open innovation can lead to faster product development cycles and enhanced competitiveness, as it encourages transparency and shared learning, ultimately resulting in more effective outcomes and innovations.