Creating open innovation arena in a firm

In today’s competitive market open innovation is seen as a source of growth for major businesses by opening them up to new ways of working with external parties. In this scenario, open innovation is recognized as expanding the innovation potential of organizations. However this new-trending topic brings out a strong debate among academicians and organizations regarding to benefit from open innovation. In this regard, this study aims to create deep understanding of what firms should consider while performing open innovation initiatives in a most effective and efficient way. Beginning with a review of open innovation literature, this dissertation is an attempt to recognize the different managerial approaches associated with realizing the benefits. Furthermore, the research focuses on identifying different strategies and drivers of handling open innovation process in different organizations trying to guarantee maximum value generation. A broad qualitative study including interviews with firm has been conducted to understand variant factors playing a role in this regard and finally a set of guidelines regarding to creating an open innovation arena within a firm is proposed.