How innovation management techniques support an open innovation strategy
- ISSN: 08956308
How to achieve a sustained competitive advantage that ensures long-term survival is a major concern for managers everywhere, but even more so for those in smaller firms, which may have more difficulty enduring under hostile environmental conditions than larger organizations. Because innovation is a key driver of sustained competitive advantage and sustainable business growth, the management of innovation is a central concern for these firms. While research in innovation management has provided many insights into specific aspects of innovation, the encompassing problems confronting general managers, especially managers of small and medium-size firms, have been overlooked in the development of innovation management tools. As a case study in the value of innovation management techniques and tools in the development of a collaborative innovation network, this paper analyzes the use of innovation management techniques and tools by a leading Spanish elevator manufacturer's research unit in implementing its open innovation strategy. This empirical study will help managers to understand the role of innovation management tools in structuring an open innovation strategy based on collaboration and technology transfer. 2010 Industrial Research Institute, Inc.