BENEFITS AND DISADVANTAGES OF USING OPEN INNOVATION IN INDUSTRY

Borislava Borislavova Galabova
University of Mining and Geology “St. Ivan Rilski”

Abstract. This paper presents a study on the benefits and challenges of applying an open innovation model to industrial enterprises. A characteristic of the open innovation model and paradigm has been made and its essential features have been derived. First, an analysis of the benefits of applying this model in the industrial environment has been conducted. On the other hand, the main potential disadvantages and challenges to the implementation of the model in practice have also been analyzed. The challenges and limitations of the model are effectively classified into five groups based on the aspect of the undertaking’s activities that they affect.Some recommendations have been made on how to overcome them or mitigate their negative effects.

Keywords: open innovation, industrial enterprise, industry, management, innovation model

Volume 8, Issue 2(67) p. 57-62 PDF

DOI: 10.52013/2658-5197-67-2-8