Open innovation during the 2008 financial crisis

Konstantinos Trantopoulos, Martin Woerter and Georg von Krogh

Industry and Innovation, 2024, vol. 31, issue 2, 159-182

Abstract: We examine how firms adjusted their open innovation strategy in response to the 2008 global financial crisis. While previous research has analysed the advantages, drawbacks, and methods of open innovation, less is known about how firms adjust their open innovation strategy in response to major economic shocks. Guided by theories of organisational learning and behavioural theory of the firm, we examine the impact of demand shock on firm openness to external knowledge. To test our hypotheses, we analyse a unique dataset on innovation in Swiss firms during the financial crisis. Our findings show that firms persisted with open innovation during the crisis, but the nature of the shock had a differential effect on how firms searched for external knowledge. This research contributes to a better understanding of the role of open innovation in times of crisis and provides insights into how firms adjust their innovation strategies in response to economic shocks.

Date: 2024
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DOI: 10.1080/13662716.2023.2228724

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