IDEAS home Printed from https://ideas.repec.org/a/gam/jadmsc/v14y2024i11p274-d1504096.html
   My bibliography  Save this article

An Analysis of Critical Factors Affecting the Success of Open Innovation Strategies in High-Tech Firms: The Case of South Korea

Author

Listed:
  • Minkyu Song

    (Seoul Business School, aSSIST University, Seoul 03767, Republic of Korea)

  • Boyoung Kim

    (Seoul Business School, aSSIST University, Seoul 03767, Republic of Korea)

Abstract

High-tech firms face constant innovation and challenges due to a rapidly changing tech environment. Open innovation strategies are an important solution for fostering rapid and efficient innovation by leveraging external capabilities. This study explores the critical factors that influence open innovation strategies in high-tech companies, assessing their importance and providing key insights for promoting these strategies. Through a comprehensive literature review and expert interviews, 16 key factors impacting open innovation were identified. A hierarchical research model was developed using the ser-M (subject, environment, resource, mechanism) framework, focusing on subject, environment, resource, and mechanism for a corporate strategy analysis. A survey and an AHP analysis were conducted with 30 participants, comprising engineers and open innovation experts, all with over a decade of experience in the field within Korean high-tech companies. The analysis focused on four critical elements: subject, environment, resource, and mechanism; subject emerged as the most critical factor for successfully implementing open innovation strategies. Specifically, the will of chief executives, the direction of decision-making, and technological environment changes were found to be significant contributors. The consensus between engineers and experts confirms that while environmental and resource factors are vital, strong leadership and effective decision-making are paramount for successful open innovation in high-tech companies.

Suggested Citation

  • Minkyu Song & Boyoung Kim, 2024. "An Analysis of Critical Factors Affecting the Success of Open Innovation Strategies in High-Tech Firms: The Case of South Korea," Administrative Sciences, MDPI, vol. 14(11), pages 1-26, October.
    • Handle: RePEc:gam:jadmsc:v:14:y:2024:i:11:p:274-:d:1504096
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2076-3387/14/11/274/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2076-3387/14/11/274/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Saebi, Tina & Foss, Nicolai J., 2015. "Business models for open innovation: Matching heterogeneous open innovation strategies with business model dimensions," European Management Journal, Elsevier, vol. 33(3), pages 201-213.
    2. Tiago Sá & João J.M. Ferreira & Shital Jayantilal, 2023. "Open innovation strategy: a systematic literature review," European Journal of Innovation Management, Emerald Group Publishing Limited, vol. 28(2), pages 454-510, August.
    3. Nolberto Munier & Eloy Hontoria, 2021. "Uses and Limitations of the AHP Method," Management for Professionals, Springer, number 978-3-030-60392-2, December.
    4. Ashish Arora & Andrea Fosfuri & Alfonso Gambardella, 2004. "Markets for Technology: The Economics of Innovation and Corporate Strategy," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262511819, December.
    5. Ellen Enkel & John Bell & Hannah Hogenkamp, 2011. "Open Innovation Maturity Framework," International Journal of Innovation Management (ijim), World Scientific Publishing Co. Pte. Ltd., vol. 15(06), pages 1161-1189.
    6. Marisa Smith & Marco Busi & Peter Ball & Robert Van Der Meer, 2008. "Factors Influencing An Organisation'S Ability To Manage Innovation: A Structured Literature Review And Conceptual Model," International Journal of Innovation Management (ijim), World Scientific Publishing Co. Pte. Ltd., vol. 12(04), pages 655-676.
    7. Pedro de Faria & Florian Noseleit & Bart Los, 2020. "The influence of internal barriers on open innovation," Industry and Innovation, Taylor & Francis Journals, vol. 27(3), pages 205-209, March.
    8. Teece, David J., 2020. "Hand in Glove: Open Innovation and the Dynamic Capabilities Framework," Strategic Management Review, now publishers, vol. 1(2), pages 233-253, June.
    9. Ulrich Lichtenthaler & Eckhard Lichtenthaler, 2009. "A Capability‐Based Framework for Open Innovation: Complementing Absorptive Capacity," Journal of Management Studies, Wiley Blackwell, vol. 46(8), pages 1315-1338, December.
    10. Valentinas Podvezko, 2009. "Application of AHP technique," Journal of Business Economics and Management, Taylor & Francis Journals, vol. 10(2), pages 181-189, March.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Effelsberg, Martin, 2011. "Wissenstransfer in Innovationskooperationen: Ergebnisse einer Literaturstudie zur "Absorptive Capacity"," Arbeitspapiere 107, University of Münster, Institute for Cooperatives.
    2. Colin C. J. Cheng & Eric C. Shiu, 2021. "Establishing a typology of open innovation strategies and their differential impacts on innovation success in an Asia-Pacific developed economy," Asia Pacific Journal of Management, Springer, vol. 38(1), pages 65-89, March.
    3. Hong-Jing Jia & Zi-Yin Zhuang & Yan-Xiang Xie & Yi-Xi Wang & Shi-Ying Wu, 2023. "Research on Dynamic Capability and Enterprise Open Innovation," Sustainability, MDPI, vol. 15(2), pages 1-23, January.
    4. Dahlander, Linus & Gann, David M. & Wallin, Martin W., 2021. "How open is innovation? A retrospective and ideas forward," Research Policy, Elsevier, vol. 50(4).
    5. Tobias D. Herbst & J. Piet Hausberg, 2024. "Improving Innovation Performance by Means of Open Innovation: The Role of Entrepreneurial Orientation and Information Technology Capability," International Journal of Innovation and Technology Management (IJITM), World Scientific Publishing Co. Pte. Ltd., vol. 21(03), pages 1-31, May.
    6. Yildirim, Ercan & AR, Ilker Murat & Dabić, Marina & Baki, Birdogan & Peker, Iskender, 2022. "A multi-stage decision making model for determining a suitable innovation structure using an open innovation approach," Journal of Business Research, Elsevier, vol. 147(C), pages 379-391.
    7. Rhaiem, Khalil & Doloreux, David, 2024. "Inbound open innovation in SMEs: A microfoundations perspective of dynamic capabilities," Technological Forecasting and Social Change, Elsevier, vol. 199(C).
    8. Vasi, Melissa & Sansone, Giuliano & English, Vincent, 2024. "Exogenous crises and SMEs resilience: The Dynamic Open Innovation Funnel," Technovation, Elsevier, vol. 129(C).
    9. Fritz Rahmeyer, 2010. "A Neo-Darwinian Foundation of Evolutionary Economics. With an Application to the Theory of the Firm," Discussion Paper Series 309, Universitaet Augsburg, Institute for Economics.
    10. Silvia Vicente-Oliva & Ángel Martínez-Sánchez & Luis Berges-Muro, 2016. "Enhancing The Outcomes In R&D Collaborative Projects: An Empirical Analysis Of The Middle Ebro Valley In Spain," International Journal of Innovation Management (ijim), World Scientific Publishing Co. Pte. Ltd., vol. 20(07), pages 1-34, October.
    11. Lopes, Ana Paula Vilas Boas Viveiros & de Carvalho, Marly Monteiro, 2018. "Evolution of the open innovation paradigm: Towards a contingent conceptual model," Technological Forecasting and Social Change, Elsevier, vol. 132(C), pages 284-298.
    12. Avnimelech, Gil & Amit, Assaf, 2024. "From startup nation to open innovation nation: The evolution of open innovation activities within the Israeli entrepreneurial ecosystem," Research Policy, Elsevier, vol. 53(9).
    13. Broekhuizen, Thijs & Dekker, Henri & de Faria, Pedro & Firk, Sebastian & Nguyen, Dinh Khoi & Sofka, Wolfgang, 2023. "AI for managing open innovation: Opportunities, challenges, and a research agenda," Journal of Business Research, Elsevier, vol. 167(C).
    14. HyeJoo Wang & Changhyeon Song & Kwangsoo Shin, 2024. "Does the impact of open innovation depend on contextual factors? A case of the Korean biopharmaceutical industry," PLOS ONE, Public Library of Science, vol. 19(11), pages 1-30, November.
    15. Mingfeng Tang & Grace Sheila Walsh & Cuiwen Li & Angathevar Baskaran, 2021. "Exploring technology business incubators and their business incubation models: case studies from China," The Journal of Technology Transfer, Springer, vol. 46(1), pages 90-116, February.
    16. Jochen Wulf, 2020. "Development of an AHP hierarchy for managing omnichannel capabilities: a design science research approach," Business Research, Springer;German Academic Association for Business Research, vol. 13(1), pages 39-68, April.
    17. Sjödin, David & Liljeborg, Alexander & Mutter, Sermed, 2024. "Conceptualizing ecosystem management capabilities: Managing the ecosystem-organization interface," Technological Forecasting and Social Change, Elsevier, vol. 200(C).
    18. Vaidyanathan, Geeta & Sankaranarayanan, Ramani & Yap, Nonita T., 2019. "Bridging the chasm – Diffusion of energy innovations in poor infrastructure starved communities," Renewable and Sustainable Energy Reviews, Elsevier, vol. 99(C), pages 243-255.
    19. Sangsomboon Ploywarin & Yan Song & Dian Sun, 2018. "Research on Factors Affecting Public Risk Perception of Thai High-Speed Railway Projects Based on “Belt and Road Initiative”," Sustainability, MDPI, vol. 10(6), pages 1-13, June.
    20. Flavian Omungu & Dr. Stanley Kavale, 2025. "Dynamic Capabilities and Performance of Telecommunication Companies in Kenya," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 9(2), pages 134-149, February.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jadmsc:v:14:y:2024:i:11:p:274-:d:1504096. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.