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The Concept of Open Innovation

In: Open Innovation and Knowledge Management in Small and Medium Enterprises

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  • Ilker Murat Ar

Abstract

Innovation activities in the global economies are becoming more interrelated and open in nature. So, firms want to enter into more collaborative relationships to exploit innovation. This trend shapes a new approach called as “Open Innovation (OI)”. It involves forming collaborative relationships with other organizations as the basis for achieving competitive advantage through the development of new or improved products and services. This chapter mainly describes the general framework of OI. In this context, it defines the OI term and presents the scope of OI. It also contributes the benefits and risks of OI. The effects of OI may not be the same at all firms because it is a multi-dimensional concept. Thus, the same output may not be reached at the end of the same OI process for all organizations. For this reason, attention should be paid to the organizational and environmental characteristics in the planning of the process.

Suggested Citation

  • Ilker Murat Ar, 2018. "The Concept of Open Innovation," World Scientific Book Chapters, in: Susanne Durst & Serdal Temel & Helio Aisenberg Ferenhof (ed.), Open Innovation and Knowledge Management in Small and Medium Enterprises, chapter 3, pages 35-52, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789813233591_0003
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    More about this item

    Keywords

    Open Innovation; Knowledge Management; Innovation Management; Small and Medium-Sized Enterprises; SMEs; Small Firms;
    All these keywords.

    JEL classification:

    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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