The term "open innovation" is not new to anyone in the technology sector. It reflects an attitude shared by many that traditional strategies related to intellectual property management don't always hold the water they once did. There is still a place for secrecy. Just ask Apple if you doubt that. But open innovation embraces the idea that greater, and perhaps speedier benefits come from collaborating with parties internally and externally.
Do you remember the VHS-Betamax war? This was the epic struggle between home video recording technologies. By most standards, Sony's Betamax format was considered the best. In the end, however, VHS (Video Home System) claimed the field. Key in the fight was the fact that the formats were device-exclusive. Betamax tapes didn't run on VHS machines and vice-versa.
Having a patented technology is a significant intangible asset that can have a lot of potential value. Realizing that value in the form of actual revenue is a different story. Strategic thinking that leads to an overall plan for managing intellectual property is essential. And part of that plan needs to be a determination of what to do with any given patent.