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Managing open innovation projects with science-based and market-based partners
Du, Jingshu Leten, Bart Vanhaverbeke, Wim
Du, Jingshu
Leten, Bart
Vanhaverbeke, Wim
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Publication Type
Journal article with impact factor
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Supervisor
Publication Year
2014-06
Journal
Research Policy
Book
Publication Volume
43
Publication Issue
5
Publication Begin page
828
Publication End page
840
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Abstract
This paper examines the relationship between (outside-in) open innovation and the financial performance of R&D projects, drawing on a unique dataset that contains information on the open innovation practices, management and performance of 489 R&D projects of a large European multinational firm. We introduce two types of open innovation partnerships – science-based and market-based partnerships – and examine their relationships with project financial performance. In addition, we investigate whether the open innovation—project performance relationships are influenced by the way how R&D projects are managed. Our results show that R&D projects with open innovation partnerships are associated with a better financial performance providing that they are managed in the most suitable way. Market-based partnerships are positively correlated with project performance if a formal project management process is used; however these partnerships are associated with a lower performance for loosely managed projects. In contrast, science-based partnerships are associated with higher project revenues for loosely managed projects only.
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Keywords
35 Commerce, Management, Tourism and Services, 3507 Strategy, Management and Organisational Behaviour