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Value Creation and Value Capture in Open Innovation
Author(s) -
Chesbrough Henry,
Lettl Christopher,
Ritter Thomas
Publication year - 2018
Publication title -
journal of product innovation management
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 2.646
H-Index - 144
eISSN - 1540-5885
pISSN - 0737-6782
DOI - 10.1111/jpim.12471
Subject(s) - value capture , open innovation , value creation , value (mathematics) , ambiguity , interdependence , knowledge management , value network , co creation , business , perspective (graphical) , crowdsourcing , computer science , marketing , business model , sociology , social science , machine learning , artificial intelligence , world wide web , programming language
Open innovation has attracted a significant amount of attention from scholars and practitioners. Prior research on open innovation has mainly focused on collaborative inventing. However, understanding the processes and outcomes of joint inventing is not sufficient for understanding sustained open‐innovation activities and the competitive advantages of the actors involved in open innovation. Instead, an understanding of value creation and value capture is paramount for advancing our understanding of sustained open‐innovation activities. Open innovation requires collaboration among distributed but interdependent actors who rely on each other’s capabilities for value creation and capture. Value in open innovation is driven not only by actors’ value creation but also by their ability to capture value. While value creation and value capture are discussed in the open‐innovation literature, the advancement of this stream of research is hindered by conceptual ambiguity, especially in relation to the concept of value capture. This article adopts a value perspective on open innovation, offers consistent conceptualizations of value creation and value capture, and outlines potential avenues for further research at the interface of open innovation, value creation, and value capture.