Building an open innovation platform as a part of city renewal initiatives

To increase the understanding of the role of innovation platforms as a part of smart city activities, this study examined the utilization of an open innovation platform in the context of city renewal. To shed light on the motivation for various stakeholders to participate in open innovation platforms, the study concentrated on the less studied stakeholder group, the holders of real estate, and explored what motivates their participation and what they expect from such platforms. The study also investigated the motivation for entrepreneurs in the city centre to participate in innovation platforms. According to the results, an innovation platform in the context of city renewal is a forum comprising stakeholders bound together by their individual interests in shared issues. Changes in the shopping and trading conditions of city centres during the last decade as well as the value transition of customers seem to be forces driving stakeholders to participate in innovation platforms. Open innovation platforms, as an avenue for joint development within city renewal initiatives, should highlight diverse dialogues emphasizing interaction and communication. The motivations for various stakeholders to participate seem to relate, for example, to maintaining the living conditions of the city centre.