Open Innovation and Entrepreneurship: A Review from the Perspective of Sustainable Business Models

Jiayi Huang () and Peng Zhou
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Jiayi Huang: Cardiff Business School

No E2025/2, Cardiff Economics Working Papers from Cardiff University, Cardiff Business School, Economics Section

Abstract: Open innovation serves as a critical pathway for aligning Sustainable Business Models (SBMs) with the dual imperatives of the sustainable economy and the digital economy. This editorial review synthesizes insights from theoretical frameworks, particularly the Resource-Based View (RBV) and Transaction Cost Theory (TCT), integrated with the Technology-Organization-Environment (TOE) framework to explore the mechanisms driving open innovation. Our editorial review highlights key dimensions influencing open innovation: technology (digital platforms, emerging technologies like AI, IoT, and blockchain), organization (stakeholder collaboration, governance mechanisms), and environment (regulatory frameworks, market dynamics, and industrial spillovers). This unified framework offers actionable insights for policymakers to foster enabling ecosystems and for business leaders to adopt open innovation strategies for resource optimization and governance improvement. The review concludes that the RBV-TCT-TOE framework provides a generalizable and robust tool for understanding and advancing open innovation across industries and regions, bridging theoretical and practical dimensions to address the challenges of sustainability and digital transformation.

Keywords: Open Innovation; Entrepreneurship; Sustainable Business Model (search for similar items in EconPapers)
JEL-codes: O36 (search for similar items in EconPapers)
Pages: 12 pages
Date: 2025-01
New Economics Papers: this item is included in nep-cse, nep-env, nep-ino, nep-knm, nep-pay and nep-sbm
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Journal Article: Open Innovation and Entrepreneurship: A Review from the Perspective of Sustainable Business Models (2025)
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