Does open innovation create a competitive advantage? Finding value by tapping into the ideas of online, open‐innovation communities

Abstract

Purpose

The article's aim is to review the latest management developments across the globe and to pinpoint practical implications from cutting‐edge research and case studies.

Design/methodology/approach

This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context.

Findings

Openness to new ideas from the environment improves firms' innovation performance. As the breadth and depth of searching using external actors and sources increases, so does innovation, and while too much searching can lead to diseconomies and performance deterioration, openness to new ideas from the environment is superior to a closed, in‐house, internal focus on innovation.

Practical implications

The article provides strategic insights and practical thinking that have influenced some of the world's leading organizations.

Social implications

The article provides strategic insights and practical thinking that can have a broader social impact.

Originality/value

The article can save busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy‐to‐digest format.

Citation

(2012), "Does open innovation create a competitive advantage? Finding value by tapping into the ideas of online, open‐innovation communities", Development and Learning in Organizations, Vol. 26 No. 6, pp. 34-36. https://doi.org/10.1108/14777281211272323