Managing open innovation projects with science-based and market-based partners |
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Authors: | Jingshu Du Bart Leten Wim Vanhaverbeke |
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Institution: | 1. Hasselt University, Hasselt, Belgium;2. Vlerick Business School, Leuven, Belgium;3. University of Leuven, Leuven, Belgium;4. FWO Flanders, Brussels, Belgium;5. ESADE Business School, Barcelona, Spain;6. National University of Singapore, Singapore, Singapore |
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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: | Open innovation R& D collaboration R& D project Project management |
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