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Open and Networked Innovation

In: Bazaar of Opportunities for New Business Development Bridging Networked Innovation, Intellectual Property and Business

Author

Listed:
  • Jaakko Paasi

    (VTT Technical Research Centre of Finland, Finland)

  • Katri Valkokari

    (VTT Technical Research Centre of Finland, Finland)

  • Tuija Rantala

    (VTT Technical Research Centre of Finland, Finland)

  • Soili Nystén-Haarala

    (University of Eastern Finland, Finland)

  • Nari Lee

    (University of Eastern Finland, Finland)

  • Laura Huhtilainen

    (University of Eastern Finland, Finland)

Abstract

Most of the readers may have heard ad nauseam how in the present business environment fast-changing global competition requires firms and other network actors to look for new models to innovate. Uncertainty, complex products, distributed knowledge as well as social media have been listed as the main factors why firms cannot be innovative and competitive alone. Furthermore, Open Innovation has formed the latest popular fad, although most of the ideas behind the concept are not new.1 The Open Innovation literature argues that the future belongs to those who do the best job of integrating the best of their internal ideas and knowledge with the best external ideas and knowledge. In the words of Henry Chesbrough: “open innovation is the use of purposive inflows and outflows of knowledge to accelerate internal innovation, and expand the markets for external use of innovation, respectively. [This paradigm] assumes that companies can and should use external ideas as well as internal ideas, and internal and external paths to market, as they look to advance their technology.”2…

Suggested Citation

  • Jaakko Paasi & Katri Valkokari & Tuija Rantala & Soili Nystén-Haarala & Nari Lee & Laura Huhtilainen, 2012. "Open and Networked Innovation," World Scientific Book Chapters, in: Bazaar of Opportunities for New Business Development Bridging Networked Innovation, Intellectual Property and Business, chapter 2, pages 23-59, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9781848168923_0002
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