scholarly journals Prediction Markets for Crowdsourcing

2018 ◽  
Author(s):  
Christian Horn ◽  
Marcel Bogers ◽  
Alexander Brem*
Keyword(s):  
Stock Market ◽  
Open Innovation ◽  
Innovation Process ◽  
Business Practice ◽  
Prediction Markets ◽  
Knowledge Sources ◽  
Prediction Market ◽  
Online Platform ◽  
External Knowledge ◽  
Opening Up

Crowdsourcing is an increasingly important phenomenon that is fundamentally changing how companies create and capture value. There are still important questions with respect to how crowdsourcing works and can be applied in practice, especially in business practice. In this chapter, we focus on prediction markets as a mechanism and tool to tap into a crowd in the early stages of an innovation process. The act of opening up to external knowledge sources is also in line with the growing interest in open innovation. One example of a prediction market, a virtual stock market, is applied to open innovation through an online platform. We show that use of mechanisms of internal crowdsourcing with prediction markets can outperform use of external crowds.

scholarly journals Practising open innovation: a framework of reference

2017 ◽  
Vol 23 (6) ◽  
pp. 1311-1336 ◽  
Author(s):  
Cinzia Battistella ◽  
Alberto Felice De Toni ◽  
Elena Pessot
Keyword(s):  
Decision Making ◽  
Open Innovation ◽  
Design Methodology ◽  
Empirical Investigation ◽  
Innovation Process ◽  
Point Of View ◽  
Content Type ◽  
Exploratory Survey ◽  
Decision Making Processes ◽  
Opening Up

Purpose This work provides new insights into possible managerial choices and development directions for practising open innovation (OI) in companies. The purpose of this paper is to explore the different practices, actors and tools adopted for opening up the innovation process, in particular, by small- and medium-sized enterprises (SMEs) that are still facing difficulties in its implementation. Design/methodology/approach The paper is based on a literature review and an exploratory survey of a sample of 85 European SMEs. Findings The study identifies a total of 23 practices, 20 actors and 11 tools involved in the OI processes of companies. It highlights, through literature and empirical evidence, how different combinations of practices, actors and tools are put into practice. Research limitations/implications The developed framework offers new insights both from OI literature and from practitioners’ point of view into the supporting decision-making processes regarding which practices to implement, tools to adopt and actors to collaborate with. A wider investigation is recommended to include more variables to define the differences among the combinations of practices, actors and tools in terms of types of innovation (e.g. product, process, etc.), the openness degree and other contextual factors. Originality/value The originality of this paper is based on the fact that it focusses on a practical perspective of OI implementation, building a framework of reference from previous literature and empirical investigation.

scholarly journals Complexity as an Antecedent for External Collaboration in New Product Development Projects

2018 ◽  
Vol 7 (4.7) ◽  
pp. 97
Author(s):  
Reza Gheshmi ◽  
Hugo Zacro ◽  
Frederic Marimon
Keyword(s):  
Product Development ◽  
New Product Development ◽  
Open Innovation ◽  
New Product ◽  
Development Projects ◽  
Knowledge Sources ◽  
External Knowledge ◽  
Project Complexity ◽  
Different Dimensions ◽  
Innovation Practices

This study examines how project complexity in low technology-intensive small- and medium-sized enterprises (SMEs) contribute in implementation of open innovation practices, during their new product development projects. The main focus of this paper is to investigate the critical role of complexity in the project level to identifying the compatibility of those external sources involved in NPD. The low technology-intensive sector in Spain were chosen as a target context, there were many innovative SMEs operating in these industries and because these sectors were going through significant changes. Four external knowledge sources, Universities, suppliers, customers and competitors and four open innovation practices, Community, Platform, Partnership and seller-buyer agreement, in the new product development were identified. The study shows that in SMEs, project complexity plays an important role in selecting the external source and implementation of open innovation practices. The main conclusion of the study is that the external collaboration in new product development projects is determined by different dimensions of project complexities and in projects with different type of complexity, the SMEs follow different external knowledge sources and open innovation practices. The study results imply that SMEs benefit from opening up their innovation process in the new product development projects. The firms in this study employed a blend of strategies that is more compatible with dimensions of project complexity. They collaborated actively with different external knowledge source and different modes of collaboration, when they have determination of different dimensions of project complexity. Also, the study extends understanding of the strategic use of open innovation in SMEs by demonstrating how SMEs balance the risk of project complexity built on new product development and the benefit of creating a wider capability base with partnerships. 

Benefiting from External Knowledge in Open Innovation Processes

2012 ◽  
Vol 3 (4) ◽  
pp. 16-27 ◽  
Author(s):  
Paul Kruse ◽  
Peter Geißler
Keyword(s):  
Knowledge Management ◽  
Literature Review ◽  
Systematic Literature Review ◽  
Open Innovation ◽  
Knowledge Sources ◽  
Specific Knowledge ◽  
External Knowledge ◽  
Innovation Processes ◽  
Internal Knowledge

The importance of knowledge management for organizations has been widely discussed in recent years. Today, only few firms can sustain their competitiveness and innovativeness by focusing exclusively on internal knowledge sources. Managing highly specific knowledge from customers, technologies, markets, etc. is now a key to innovation. However, integrating external knowledge to foster innovation faces companies with a number of challenges. This study examines the role of external knowledge in the field of open innovation. By carrying out a systematic literature review the author develops eight categories with 19 sub-categories of potential external knowledge sources. A systematization of the identified sources investigates assets and drawbacks that can be associated with the integration of such knowledge. Thereby, the article shows that research on open innovation is highly concerned about the role of external knowledge, but mainly focuses on just a few categories and tends to neglect positive and/or negative influences on competitiveness and innovativeness.

Ambidextrous Organizational and Individual Competencies in Open Innovation: The Dawn of a new Research Agenda

2014 ◽  
Vol 2 (1) ◽  
pp. 9-46 ◽  
Author(s):  
Joachim Hafkesbrink ◽  
Markus Schroll
Keyword(s):  
Open Innovation ◽  
Research Agenda ◽  
Innovation Process ◽  
Exploration And Exploitation ◽  
Conceptual Approach ◽  
Organizational Competencies ◽  
New Research ◽  
Opening Up ◽  
Early Phases ◽  
New Framework

This paper describes a conceptual approach to individual and organizational competencies needed for Open Innovation (OI) using a new ambidexterity model. It starts from the assumption that the entire innovation process is rarely open by all means, as the OI concept may suggest. It rather takes into consideration that in practice especially for early phases of the innovation process the organization and their innovation actors are opening up for new ways of joint ideation, collaboration etc. to gain a maximum of explorative performance and effectiveness. Though, when it comes to committing considerable resources to development and implementation activities, the innovation process usually closes step by step as efficiency criteria gain ground for a maximum of knowledge exploitation. The ambidexterity model of competences for OI refers to these tensions and provides a new framework to understand the needs of industry and Higher Education Institutes (HEI) to develop appropriate exploration and exploitation competencies for OI.

scholarly journals Innovation through accelerators: A case for open innovation

2016 ◽  
Vol 8 (1) ◽  
pp. 9 ◽  
Author(s):  
Lerato E. Mohalajeng ◽  
Japie Kroon
Keyword(s):  
South Africa ◽  
Open Innovation ◽  
Business Strategy ◽  
Significant Contribution ◽  
Innovation Process ◽  
Business Practice ◽  
Science Park ◽  
Key Stakeholders ◽  
New Ideas ◽  
Depth Interviews

<p><strong>Background:</strong> Open innovation is becoming a progressive business practice in Southern Africa because it plays a significant role in economic development through promoting the commercialisation of new ideas. The challenge is that while the benefits of open innovation are widely spoken about, not much is understood about the challenges and successes of open innovation accelerators (OIAs) in taking ideas to market.</p><p><strong>Aim:</strong> The purpose of this research was to investigate an OIA in South Africa for taking ideas to market.</p><p><strong>Setting:</strong> The Innovation Hub is a science park in Pretoria, South Africa, using open innovation to stimulate entrepreneurship in South Africa. Through The Innovation Hub Open IX, a webbased platform, an opportunity to investigate the bridging from invention to commercialisation is presented.</p><p><strong>Methods:</strong> A qualitative research method using semi-structured, in-depth interviews was applied to collect data. Five key stakeholders of the OIA were interviewed.</p><p><strong>Results:</strong> The findings suggest that stakeholder buy-in is essential for commercialisation through OIAs in South Africa. By involving stakeholders in the initial phases of the open innovation process, the likelihood of a solution being incorporated and fitted into the organisation’s business strategy is increased.</p><p><strong>Conclusion:</strong> The insight gained from this research suggests policymakers, research institutions and commercial businesses ought to explore various innovations across industries relevant to their open innovation proficiencies. This research makes a significant contribution to an indepth understanding of what is needed to bridge the gap from invention to successful commercialisation through open innovation.</p>

Tackling Societal Challenges with Open Innovation

2020 ◽  
pp. 000812562097371
Author(s):  
Anita M. McGahan ◽  
Marcel L. A. M. Bogers ◽  
Henry Chesbrough ◽  
Marcus Holgersson
Keyword(s):  
Open Innovation ◽  
Special Section ◽  
Knowledge Sources ◽  
Business Objectives ◽  
Social Challenges ◽  
External Knowledge ◽  
Societal Challenges ◽  
Trade Offs ◽  
Annual World ◽  
Innovation Processes

Open innovation includes external knowledge sources and paths to market as complements to internal innovation processes. Open innovation has to date been driven largely by business objectives, but the imperative of social challenges has turned attention to the broader set of goals to which open innovation is relevant. This introduction discusses how open innovation can be deployed to address societal challenges—as well as the trade-offs and tensions that arise as a result. Against this background we introduce the articles published in this Special Section, which were originally presented at the sixth Annual World Open Innovation Conference.

External knowledge sourcing and new product development

2017 ◽  
Vol 119 (11) ◽  
pp. 2373-2387 ◽  
Author(s):  
Gabriele Santoro ◽  
Demetris Vrontis ◽  
Alberto Pastore
Keyword(s):  
Product Development ◽  
New Product Development ◽  
Open Innovation ◽  
Innovation Process ◽  
New Product ◽  
Incremental Innovation ◽  
Knowledge Sourcing ◽  
Content Type ◽  
External Knowledge ◽  
Npd Performance

Purpose The purpose of this paper is to analyze the role of external knowledge in the innovation process of firms in the food and beverage (F&B) industry and the effects of two external knowledge sourcing modes on new product development (NPD) performance. Design/methodology/approach The paper applies a quantitative approach, relying on data from 157 Italian firms operating in the F&B industry to test the hypotheses through OLS regression models. Findings Results suggest that the surveyed firms actively engage in open innovation with strong ties with market-based sources. Moreover, the authors found that market-based sources are associated with income from incremental innovation and time to market, while science-based sources are associated with income from radical innovation. Finally, the authors found that the R&D intensity enhances the benefits of the above external knowledge sourcing modes. Originality/value Despite the large amount of studies assessing the effects of external knowledge sourcing on performance in the open innovation field, few studies focused on a specific industry, especially with regard to F&B. Moreover, this paper considers different types of NPD performance measures given that different external knowledge sourcing modes exert different effects.

scholarly journals SEARCHING WIDELY OR DEEPLY? THE IMPACT OF OPEN INNOVATION ON INNOVATION AND INNOVATION PERFORMANCE AMONG INDONESIAN MANUFACTURING FIRMS

2018 ◽  
Vol 33 (2) ◽  
pp. 123
Author(s):  
Arif Hartono ◽  
Ratih Kusumawardhani
Keyword(s):  
Technological Innovation ◽  
Open Innovation ◽  
Innovation Process ◽  
Manufacturing Firms ◽  
Innovation Performance ◽  
External Knowledge ◽  
Process Innovations ◽  
Innovation Surveys ◽  
External Sources ◽  
The Impact

Since the term Open Innovation (OI) was coined by Henry Chesbrough in 2003, OI studies have been frequently conducted. Surprisingly, OI insights, in the context of Indonesian firms, are scarce. Furthermore, there are no existing OI studies that use data derived from innovation surveys. Hence, this study attempts to close the gap in the literature, by providing insights into Indonesian firms’ openness toward external knowledge, and its impact on innovation performance. The main aim of this study is to investigate the impact of OI practices on Indonesian manufacturing firms’ propensity to innovate (i.e. their product, process, organization, and marketing) and innovation performance. Product and process innovations are grouped under the term technological innovation, while organization and marketing innovations are classified as non-technological innovation. Data used in this study were derived from the Indonesia Innovation Survey (IIS) 2011 that covered the period from 2009-2010. Following Laursen and Salter’s (2006) study, OI indicators consist of external search breadth (i.e. the number of external sources or search channels that firms rely upon in their innovative activities) and depth (the extent to which firms draw deeply from the different external sources or search channels) in innovation process. Undertaking logistic and tobit regressions, this study shows that in general, both breadth and depth significantly and positively affect technological and non-technological innovation, as well as innovation performance. However, the over-search on external knowledge, measured by breadth squared and depth squared, negatively and significantly influence innovation and innovation performance. This indicates that too much external knowledge, sourced during the innovation process will diminish the return of innovation. This study also finds an indication of a complementary relationship existing between internal R&D and external knowledge; meaning that the implementation of one knowledge-sourcing strategy (either sourcing from internal R&D or external knowledge) increases the marginal returns from another. Lastly, important implications related to theoretical and innovation strategies are proposed. 

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