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Open for Entrepreneurship: How Open Innovation Can Foster New Venture Creation
Author(s) -
Eftekhari Nazanin,
Bogers Marcel
Publication year - 2015
Publication title -
creativity and innovation management
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.148
H-Index - 60
eISSN - 1467-8691
pISSN - 0963-1690
DOI - 10.1111/caim.12136
Subject(s) - mindset , open innovation , entrepreneurship , new ventures , business , venture capital , marketing , knowledge management , public relations , industrial organization , finance , computer science , artificial intelligence , political science
This paper explores how an open approach to new venture creation – purposefully managing knowledge flows across the venture's organizational boundary – can be beneficial for start‐up entrepreneurs. Our inductive case study, of both failure and success, identifies the key attributes of this open approach and how they affect start‐ups' short‐term survival. We find that ecosystem collaboration, user involvement and an open environment directly influence new venture survival, and that their effects were moderated by the entrepreneurs' open mindset. These findings carry a number of implications for entrepreneurship and innovation research and practice, providing some attention points for researchers, entrepreneurs, investors and policy makers interested in developing successful new ventures.