Open Innovation and Business Success

Inhaltsangabe:Introduction:Innovation is a crucial topic in the study of economics, business, technology, sociology, and engineering. The questions asked in research nowadays focus not on it why innovation is important, but how to innovate and how innovation processes can be managed. Furthermore the discussion on innovation is about how to maintain strong economic growth in an era that is increasingly being defined by the globalisation of competition, major financial and demographic challenges.Recently the economy continues to upset the market and recession tempts to cut back on the investments in research and development in the organizations. But even now in spite of crisis and its impacts on the economy seems to be the perfect time to increase firms? innovation efforts. The increasing competition processes and the development of Web 2.0 technologies (soon Web 3.0) are challenging the business to build more interactive relationship between the real-time market participants. The companies must nowadays find out how to achieve a competitive advantage for future. This paper presents the concept of Open Innovation, which can help public and private institutions achieve better performance or business success and at last win the competition with market rivals.Research motivation:Inspiration for this study was the report ?Innovation systems - the engine of the economy? by Belitz and Schrooten from the German Institute for Economic Research. The authors provide in their analysis the international comparison of the national systems and examine Germany's international competitiveness, its innovation capability as well innovation performance. Researchers from one of the leading research institutes in Germany recommend bringing in action important activities for German innovation policy makers:- Investment in education with new educational approaches concepts to increase the willingness and ability for studding.- Promotion the innovation processes to large sections of the population.- Strengthening incentives for innovation.- Securing the diversity of the national innovation system.- Seizing opportunities from international integration.The DIW?s suggestions are pointed out above to indicate on importance in the promotion of the innovation process and its popularization using the policy mixes. It is significant for German economy to support the innovative entrepreneurs at national as well local level. A worrying issue is that there have […]