#10 Open Innovation for Corporate Innovation

Innovation is increasingly gaining traction as a way for the corporate company to stay competitive in a dynamic and unpredictable market. The changing landscape of knowledge forces corporate organizations to search outside the boundary of the firm, thus taking a participatory approach and engaging with external stakeholders through open innovation. This thesis focuses on the way corporations innovate and engage in inter-collaborative activities with stakeholders. The findings reflect that a corporate organization needs to leverage upon both internal and external stakeholders to enhance the innovative performance. Moreover, a corporation can’t obtain knowledge from outside the boundary of the firm until there is an organizational openness to change. The research also reflects that the cognitive distance between the corporate company and its respective stakeholders can either hinder or enhance their ability to collaborate. Open innovation endeavours can be the solution to improve corporate innovation if the prerequisites of it are taken into account.