Open innovation is a new approach where companies use both internal and external ideas and paths to market in order to advance their technology. Rather than relying solely on internal research, open innovation allows companies to work with external partners such as universities, inventors, startups and other organizations. This open model can help companies reduce costs and time of R&D projects by accessing knowledge outside their own boundaries. Innovation intermediaries and online platforms are emerging to help connect companies with external knowledge sources and potential partners for open innovation projects.