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Abstract:
Until the 1990s, most of the companies used 'closed innovation' models to leverage their businesses. But in 2000, as companies using a 'closed innovation' model witnessed a decline in their sales, they adopted a new model called 'open innovation'. Procter & Gamble, which witnessed failure in its business in 2001, introduced an 'open innovation' model, called the 'Connect and Develop' model. With the success of the new model, a few analysts wondered whether it would become a universal model for companies, which were struggling to control their businesses.
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