In this paper, we explore the potential that open innovation offers in semiconductor design. Specifically, we introduce OpenRAM, an tool for the automated synthesis of memory blocks using a general-purpose architecture. We also highlight both the benefits and challenges of open-source approaches by presenting a study on memory synthesis and memory circuit performance verification within the 0.6 µm CMOS manufacturing process. Additionally, we examine the potential of for research advancement, drawing on examples from multifunctional memory development projects that have utilized this tool.