Product strategists are constantly challenged to innovate products and services to satisfy short-term financial goals as well as create new benefits to meet consumer needs as they evolve over the long term. This report demonstrates why open innovation programs are ideally suited to accelerate and expand the identification of new product and service opportunities across the spectrum of innovation and justifies an investment in open innovation based on the important business benefits such a program delivers. This report outlines the business case for Forrester's solution for product strategists working on product and service innovation.