Open innovation refers to the practice of leveraging external ideas, technologies, and collaborations to accelerate technology development and innovation processes. This approach encourages organizations to look beyond their internal resources, fostering partnerships with startups, academia, and other enterprises. By embracing open innovation, companies can enhance creativity, reduce development times, and access a wider range of expertise. It promotes knowledge sharing and can lead to breakthrough innovations, allowing organizations to respond more effectively to market demands and improve their competitive edge in the evolving technology landscape.