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Exploring market failures in open innovation
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Hewitt-Dundas, Nola and Roper, Stephen (2018) Exploring market failures in open innovation. International Small Business Journal, 36 (1). pp. 23-40. doi:10.1177/0266242617696347 ISSN 0266-2426.
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Official URL: https://doi.org/10.1177/0266242617696347
Abstract
There is now considerable empirical evidence demonstrating the innovation and performance benefits that accrue to firms engaging in Open Innovation (OI). Here, we use novel data on micro-businesses to show that the average level of engagement in open innovation falls well below the optimal level, a finding that reflects that of other empirical studies. We identify and examine three market failures which may help to explain this result. These relate to: firms’ lack of understanding of the potential benefits of OI; a lack of information about the capabilities of potential partners; and, a lack of information about the trustworthiness of potential partners. Our findings provide evidence that policy initiatives designed to offset these information failures are likely to increase the range of partners with which firms engage with significant benefits for innovation.
| Item Type: | Journal Article | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Subjects: | H Social Sciences > HD Industries. Land use. Labor | ||||||||
| Divisions: | Faculty of Social Sciences > Warwick Business School | ||||||||
| Library of Congress Subject Headings (LCSH): | Small business, Technological innovations, Joint ventures | ||||||||
| Journal or Publication Title: | International Small Business Journal | ||||||||
| Publisher: | Sage Publications Ltd. | ||||||||
| ISSN: | 0266-2426 | ||||||||
| Official Date: | 1 February 2018 | ||||||||
| Dates: |
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| Volume: | 36 | ||||||||
| Number: | 1 | ||||||||
| Page Range: | pp. 23-40 | ||||||||
| DOI: | 10.1177/0266242617696347 | ||||||||
| Status: | Peer Reviewed | ||||||||
| Publication Status: | Published | ||||||||
| Access rights to Published version: | Restricted or Subscription Access | ||||||||
| Date of first compliant deposit: | 9 February 2017 | ||||||||
| Date of first compliant Open Access: | 21 July 2017 | ||||||||
| Funder: | Economic and Social Research Council (Great Britain) (ESRC) | ||||||||
| Grant number: | ES/K006614/1 |
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