Open Innovation and Stakeholder Engagement

The paradox of open innovation lies in the conflict between the practical desire to reap the benefits of open innovation and concern over the risk that others will misappropriate those benefits. Stakeholder theory and recent developments in value creation through can assist with reconciliation of this inherent structural risk. The limitations of existing open innovation typologies are identified, and a process-based model of open innovation is proposed. The model is then expanded to include . When integrated with , open innovation processes can be understood to generate benefits beyond the acquisition of specific information sought from external experts. The addition of to the open innovation model allows for greater understanding and easier acceptance of the risks inherent in the .
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