The brave new world of open innovation

Abstract

Purpose The purpose of this paper is to examine the concept of open innovation (OI). Design/methodology/approach The paper looks at different forms of OI, including suggestive/participative, suggestive/invitational, directed/invitational and directed/participative. Findings The paper suggests that in choosing which approach to adopt it is important to first define your strategy and identify what you want to get out of OI. It also suggests that OI needs executive level commitment if it is to succeed, as this is generally the first and most important obstacle that companies face in trying to adopt it. Originality/value The paper provides useful information on the concept of OI in corporate strategy.