HOW INNOVATION MANAGEMENT TECHNIQUES SUPPORT AN OPEN INNOVATION STRATEGY

Abstract

OVERVIEW: How to achieve a sustained competitive advantage that ensureslong-term survival is a major concern for managers everywhere, but evenmore so for those in smaller firms, which may have more difficultyenduring under hostile environmental conditions than largerorganizations. Because innovation is a key driver of sustainedcompetitive advantage and sustainable business growth, the management ofinnovation is a central concern for these firms. While research ininnovation management has provided many insights into specific aspectsof innovation, the encompassing problems confronting general managers,especially managers of small and medium-size firms, have been overlookedin the development of innovation management tools. As a case study inthe value of innovation management techniques and tools in thedevelopment of a collaborative innovation network, this paper analyzesthe use of innovation management techniques and tools by a leadingSpanish elevator manufacturer's research unit in implementing its openinnovation strategy. This empirical study will help managers tounderstand the role of innovation management tools in structuring anopen innovation strategy based on collaboration and technology transfer.