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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

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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:
DateEvent
1 February 2018Published
28 March 2017Available
8 February 2017Accepted
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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