Open Innovation to Business Model

Abstract

The main objective of this article is to answer the question: How does one make a ‘new’ business model framework in a knowledge-based economy? In an effort to advance this issue, we built a research framework based on literature reviews. In addition, we performed social experiments at DGIST during 2011–2015 to arrive at a new business model framework. There are four different active business model-building processes. First is the customer open innovation-based business model developing circle. Second is the user open innovation-based business model developing circle. Third is the social entrepreneurship-based business model developing circle and fourth is the engineer open innovation-based business model developing circle. Empirical research to confirm the operation status of business model approaches, the study makes use of patents database.