Open Innovation as a Basis

Daniel Fasnacht ()
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Daniel Fasnacht: University of Zurich

Chapter Chapter 5 in Open and Digital Ecosystems, 2024, pp 101-122 from Springer

Abstract: Abstract Why is Open Innovation experiencing a renaissance in the era of digital disruption? Originally stemming from the high-tech industry, digital transformation has expanded the possibilities for Open Innovation. Many companies see Open Innovation as a way to innovate better, faster, and more cost-effectively using external resources. Suppliers, customers, and many other stakeholders can thus be seamlessly integrated into the innovation process. Co-innovation enables a more accurate representation of customer needs, fuelling a growing demand for collaboration. This enhances market responsiveness, prompting companies to leverage open innovation by developing solutions in collaboration with customers. In this market-pull approach, where customers actively shape the innovation process, factors like relationships and social capital become increasingly important for organisations. Open Innovation foster interdisciplinarity and drives business within open ecosystems. By fostering partnerships across diverse fields, it breaks down silos, creating an environment for open knowledge and data sharing. This collaborative approach accelerates innovation and helps companies adapt to changing market demands. Co-creation through a shared value purpose forms the foundation for interdisciplinary business activities within open ecosystems. This concept capures the zeitgeist of today’s increasingly open society, where information exchange, knowledge sharing, collaboration, and personalized solutions are central priorities.

Keywords: Open innovation; Value creation; Openness; Social capital; Relationship capital; Complementary services; Customer added value (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1007/978-3-658-45395-4_5

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