External Knowledge Sourcing and Innovation Processes in Modern Economic Environment

Abstract

In an open and digital economy where ICTs, global networks and innovation systems play a key economic role, knowledge used by companies is increasingly gathered using different external sources. Rapidly changing technology enables companies to use new ways to innovate. New innovation processes permit companies to reduce risk and the costs of innovation. New paradigms, called open innovation and co-innovation, allow organizations to remain innovative in a rapidly changing environment. The objectives of this paper are: to provide a better understanding of open innovation and co-innovation paradigms and to suggest instruments for organizations to benefit from co-innovation ecosystem.

Keywords

• external knowledge
• innovation management
• innovation process
• co-innovation
• open innovation
• l17
• m11
• m21