Technology Valorisation in Open Innovation Systems: A Two-Phase Empirical Study of the Scottish Medical Technology Sector

Open Innovation is a recognised management approach, and although many companies are aware of it, there is still a lack of clear understanding of the mechanisms, inside and outside of the organisation to gain value from it in practice. Open Innovation literature argues that it is not new, not yet making it clear how companies can capture value out of their Open Innovation process. Based on a two-tier research methodological approach, the concept of Technology Valorisation is explored, and this research builds upon research from a series of company interviews in the Scottish Medical Technology (Med-Tech) sector, exploring their Open Innovation practices in action. This chapter reveals that companies are too tied up with their daily activities and are not actively engaging in Technology Valorisation. Theories associated with Open Innovation are commonplace; however, they are not considered applicable theory for companies to deliver on the value of Open Innovation in practice. Companies in the Med-Tech sector are operating Open Innovation practices to a varying degree; however, this research signals the need for a new framework for practice which is necessary to guide companies through the Open Innovation processes more effectively with Technology Valorisation embedded, which can enable organisations to capture fuller value from their innovation processes.