IJIMT 2017 Vol.8(5): 332-341 ISSN: 2010-0248
doi: 10.18178/ijimt.2017.8.5.750

Open Innovative Approach to External Knowledge Resources, New Innovative Smart Practice for New Venture Startups

Amir Atarodian
Abstract— Nowadays, companies open up their innovation processes and incorporate internally and externally developed and extended technologies and knowledge to create business value which is considered as the most popularized method for managing innovation. Open innovation is defined as “the use of purposive inflows and outflows of knowledge to accelerate internal innovation and to expand the markets for external use of innovation. Open innovation concept has increasingly grown during past decade among academicians and practitioners in particular with emphasizing its application in large firms, but little has been studied in small firms like startups or venture companies. Startups and venture companies are considered as new established enterprises in the first step of their operations, operating to solve problems, where the solution is not clear and the success of firm is not promised and guaranteed. Their main problem is that they are limited by the responsibility of newness and smallness. Therefore, open innovation is considered much more important for startups than for large firms. By establishing relationships with external partners and sources of knowledge exist in other organizations startups might overcome their business limits. The main purpose of this paper is to represent different aspects of conceptual literature of applying external sources of knowledge as open innovation practice and utilizing them in startups and venture companies as new firms in order to increase their performance and overcome weaknesses and limitations. The method of this study uses a conceptual literature review and develops various concepts regarding open innovation notion and different types of OI and its application as an external source of knowledge in small firms. It is expected that this literature review of existing research on open innovation approach by using external knowledge sources in startups and venture companies as a smart practice helps to make a contribution to better understanding the important role of applying concept of OI in new small firms for better performance and more growth.

Index Terms— External knowledge resources, new venture companies, open innovative approach, startups.

Amir Atarodian is with University of Naples, Federico II, and with University of Naples, Parthenope, Naples, Italy (e-mail: amir.atarodian@unina.it, amir.atarodian@uniparthenope.it).


Cite: Amir Atarodian, " Open Innovative Approach to External Knowledge Resources, New Innovative Smart Practice for New Venture Startups," International Journal of Innovation, Management and Technology vol. 8, no. 5, pp. 332-341, 2017.

Copyright © 2010-2018. International Journal of Innovation, Management and Technology. All rights reserved.
E-mail: ijimt@ejournal.net