Weighing the Pros and Cons of Engaging in Open Innovation

Weighing the Pros and Cons of Engaging in Open Innovation
by nstrangar|20.09.2018

The positive aspects of open innovation projects are widely discussed in innovation management research and practice by means of case studies and best practices. However, enterprises, particularly small and medium-sized enterprises (SMEs) also face miscellaneous challenges in open innovation practice, leading to uncertainty and even renunciation of open innovation project participation. Thus, it is essential for SMEs to find the right balance between possible positive effects and negative consequences – the latter being the less studied “dark sides” of open innovation.

The goal of the present article is to discuss the assessment of potential open innovation project participation against the background of the impossibility to either predict the future or to capture all necessary environmental information as well as the serious need of SMEs for aid in this matter. This discussion will be conducted by explicating a weighing and decision process framework as a conceivable solution approach.

The remainder of the article is organized as follows. First, we emphasize the relevant theoretical aspects of open innovation. Next, we describe the methodological approach used within the study. Then, we describe the solution approach. Finally, we provide conclusions.

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