Open Innovation System and Entrepreneurship: A case study of the Offshore Renewable Energy

Paul Igwe () and Chioma Vivienne Nwokoro ()
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Paul Igwe: University of Lincoln
Chioma Vivienne Nwokoro: Eastern Palm University

No 6810091, Proceedings of International Academic Conferences from International Institute of Social and Economic Sciences

Abstract: This article examines the innovation in the offshore renewable energy (ORE) industry using Open Innovation System (OIS), platforms and network perspective. Despite the benefits of ORE, Operation and Maintenance (O&M) costs account for up to one-third of total wind energy project lifecycle expenditure requiring relationships with multiple external partners to improve the supply chain and O&M activities. Therefore, management of the O&M activities of the supply chain and logistics has become an excellent place to drive efficiency and reduce cost thereby creating innovative products and services, business clusters and job opportunities. Findings show how strategic resources help offshore companies to reduce cost and achieve environmental, economic and social benefit derived from ORE. The OIS is used to explain the importance of new resources in technology, knowledge sharing and relationships, and stresses the role of stakeholders in addressing the challenges. The limitation of this study is related to reliance on secondary data. However, it provided an opportunity to elaborate on OIS theory and reinforces the importance of knowledge sharing, collaboration and network advantage. Overall, this provided insights into the constituent resources needed for successful OIS, regional entrepreneurship and helps move renewable energy research from a technological advancement challenges to a problem of strategic resources and relational capabilities.

Keywords: Open Innovation System; Regional Entrepreneurship; Dynamic Capabilities; Renewable Energy (search for similar items in EconPapers)
JEL-codes: Q28 Q55 R38 (search for similar items in EconPapers)
Pages: 27 pages
Date: 2018-10
New Economics Papers: this item is included in nep-cse, nep-ino, nep-ppm, nep-reg and nep-sbm
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Published in Proceedings of the Proceedings of the 42nd International Academic Conference, Rome, Oct 2018, pages 161-187

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Persistent link: https://EconPapers.repec.org/RePEc:sek:iacpro:6810091

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