Open innovation: a growth powerhouse when integrated with dynamic digital technologies

• Published in: Strategy & leadership 2022-01, Vol.50 (1), p.32-39
• Main Authors: Lipp, Anthony, Marshall, Anthony, Dencik, Jacob
• Format: Article
• Language: English
• Subjects: Automation; Blockchain; Brand loyalty; Business models; Collaboration; COVID-19; Digital technology; Growth rate; Industry 4.0; Innovations; Insurance policies; Internet of Things; Manufacturing; Pandemics; Regulatory approval; Vaccines; Ventilators
• ISSN: 1087-8572; 1758-9568
• DOI: 10.1108/SL-11-2021-0117

Purpose The more recent emergence of advanced digital technologies and the acceleration of process digitization, combined with rising stakeholder expectations, have created an urgent imperative for organizations to embrace open innovation. Design/methodology/approach The analysis in this paper is based on a survey 2,379 executives representing 24 industries and 26 countries conducted by the IBM Institute for Business Value. IBV researchers used descriptive statistics to understand innovation trends. To understand the role of open innovation for business performance IBV researchers segmented the sample based on two criteria: extent to which the organization sees open innovation as important for their growth strategy and the extent to which they are effective in advancing open innovation. Findings Ecosystems are key to success with open innovation, creating value opportunities within and across the value chains. 10; Practical/implications Open and interoperable technologies like hybrid cloud, APIs, blockchain and AI allow for many more ways to create value by unlocking hidden potential in existing relationships. Originality/value Open innovation drives growth; new research found that 84 percent of executives think open innovation is important for their future growth strategy.