In their 2011 paper ‘Open Innovation And Its Effectiveness To Embrace Turbulent Environments’, its authors conduct a review of related innovation literature and publish their own research into the best kind of innovation methods and processes for fast moving highly challenging industries. In stable markets, where there are relative constant factors and the business has a strong competitive advantage – it may still be suitable to take a resource-based perspective on innovation, focusing efforts on internal capabilities, skills and knowledge. And in fast changing, non-technological markets it makes sense to concentrate upon dynamic capabilities – an ability to move quickly, change processes and seize new opportunities.
However – in turbulent markets, which combine both fast changes to the market combined with the challenges of new technology, their research points to open innovation and collaboration as being most crucial.
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