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Joseph Schumpeter in his well-known study of the business cycles proposed that there is a temporal clustering of a number of major technological innovations during periods of deflation and recession which accounted for the dramatic growth of the so-called leading sectors. But, in this day and age of Friedman's “flat world” technological advances, and social media, Schumpeter's theory may not hold ground. Clearly, the locus of innovation is shifting from largely being confined to operations within the four walls of the corporation, to a more distributed, open model of innovation. The capacity to innovate and to assimilate it is now considered as key factor behind the economic dynamism of any region. Additionally, the opportunity to engage with customers in more participatory processes, advancing science through more open, collaborative, and rapid means, and creating markets and pathways for people around the world to connect and innovate. This paper attempts to take a survey of the literature from Schumpeter's linear model to Dosi's evolutionary economics to Chesbrough's Open Innovation model. The paper also looks at the empirical data which clearly points to the Open Innovation where useful knowledge can be found from a wealth of possible sources as the best model in the current environment of rapid technological advances. The paper will look at some companies like Microsoft, Adobe, Xerox, etc., which are reaping the benefits of Open Platforms as part of this innovation model

Innovation Management: Reaping the benefits of Open Platforms by assimilating internal and external innovations