We are experiencing a paradigm shift in the way new knowledge is shared. The internet allows for complete openness for research, innovation and personal and government information. Openness to resources from academia, government and industry changes the playing field for citizens, scientists, inventors and industry, allowing all to participate in innovation and value creation, regardless of geography and background. We will explore the balance between benefits and concerns in relation to openness to knowledge and data. We will showcase the current impact potential of open science and open innovation, while considering intellectual property, the right for commercial exploitation of innovative concepts and the need for privacy legislation preventing misuse of personal data. We will discuss questions such as: Why should I care about openness? Does open science create more impact? Does intellectual property enable or hinder progress? Does openness pose risks for privacy and patients? Storify thanks to Célya Gruson-Daniel: https://storify.com/HackYourPhd/esof2014-day-5-should-science-always-be-open#publicize