A number of organizations these days are exploring the opportunities of open innovation. This approach seeks to experiment with business innovation beyond the firm’s industry. One of its major advantages is transparency as firms need to collaborate with the external world in order to pursue this. Also clarity becomes important as organizations need to be clear as to where and for what they are looking at the outside world. Else this may become a wild goose chase. Crucially open innovation requires commitment as there may be failures and challenges along the way before arriving at the intended result.