Open innovation is an academic concept and research field investigating the strategic management of knowledge flows across permeable organizational boundaries to accelerate internal innovation and expand external markets for ideas. It emphasizes leveraging both inbound knowledge acquisition from external sources and outbound knowledge exploitation through external channels. This concept examines the mechanisms, antecedents, and consequences of systematically utilizing external ideas and paths to market alongside internal capabilities. Key characteristics include collaboration with diverse external actors, such as customers, suppliers, universities, and even competitors, and the development of organizational capabilities to manage these bidirectional knowledge flows. Its significance lies in its potential to enhance innovation performance, foster organizational learning, and contribute to sustainable competitive advantage in complex and dynamic environments.