PSFK Labs looks at the practice of companies releasing open APIs to enable outside innovation.

What if we told you that being more open could make your company more competitive? Up until recently the foregoing wisdom was quite the opposite. Businesses protected their IP with strict copyrights and shrouded their new projects in multiple layers of secrecy, but as innovations from more nimble start-ups and entrepreneurs have begun to disrupt the marketplace and customer whims seem to evolve at the speed of a Twitter stream, this previous way of thinking is becoming less sustainable by the minute.

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