47 Pages Posted: 26 Oct 2011 Last revised: 30 Apr 2013
Date Written: September 13, 2011
In 2003, Chesbrough coined the term “open innovation” as a new paradigm for industrial innovation. In this paper, we review and synthesize the growing literature that follows Chesbrough by studying the commercialization of external innovations — one of the key open innovation practices.
This paper provides a comprehensive overview and process model of open innovation. We classify prior studies in open innovation according to a four-phase process model for inbound open innovation that includes obtaining, integrating and commercializing external innovation, as well as work on nonreciprocal innovation flows. Finally we identify three opportunities for future research, including greater focus on business models, examination of the later and reciprocal phases of the commercialization process, and research into the limits and moderators of open innovation.
Keywords: open innovation
JEL Classification: O31, O32, L22
Suggested Citation: Suggested Citation
West, Joel and Bogers, Marcel, Profiting from External Innovation: A Review of Research on Open Innovation (September 13, 2011). Available at SSRN: https://ssrn.com/abstract=1949520 or http://dx.doi.org/10.2139/ssrn.1949520