Convergence is becoming a trend in R&D. Global companies such as P&G and Phillips are no longer relying on their in-house R&D capabilities and are introducing open market innovation, where companies proactively adopt technologies developed from outside. However, there are some do's and don'ts in open market innovation. Based on the principle of selection and concentration, companies need to focus on high priority businesses and encourage smooth circulation of innovative technologies and information, both on the inside and outside the company. Since innovative ideas are created by people, it is critical to develop a culture that encourages creativity and risk-taking on every level of the organization.