Open Innovation Ecosystems

Sharing information and knowledge, co-innovating with clients, communities, and competitors and adopting cognitive technology, robo advisors, crowdfunding, and blockchain reflect current socio-economic behaviour. Emerging growth regions in Asia, demographic shifts, intergenerational wealth transfers and increasing regulations are other trends that amplify each other, disrupt the client journey, and affect the entire economy. Moreover, unprecedentedly, new market entrants outside the financial sector, be it Amazon, Apple, Google, or Facebook, are increasingly expanding their scale and scope to offer financial services. Featuring case studies of Chinese business ecosystems, such as Alibaba/Ant Financial, that have transformed from displaying domestic and organic growth to rapid global expansion, this highly readable book gives you glimpses of how banking services are evolving. We break down everything you need to know about the foray of challenger banks into the financial services. You learn how they link health to wealth data and gain advantages through analytical capabilities in the race to attract sophisticated clients with highly personalized experiences. The next level of creating and capturing value for clients and businesses involves platform models embedded in cross-sector ecosystems. Digital platforms are the crucial entry point to global markets, creating value for multiple sides. They leverage self-driving ecosystems that go beyond linear value chains applied in traditional business models as the sources of growth in an interconnected world are collaboration and network effects. The winners will be those who open up and engage themselves in an ecosystem that transcends organizational boundaries and performs without sector borders because every actor contributes to the value constellation of the system. The book provides practitioners and scholars with new insights into open and holistic business models, where competition in future will be between ecosystems rather than at the company level. It encourages leaders to expand their skills and think through the lens of the ecosystem theory while developing compelling strategies to serve the next-generation clients.

Technology-driven innovation in financial services has been attracting global attention and interest. FinTech innovation is presenting a paradigm shift in financial services affecting a wide range of products, processes and services but also sparking a broader evolutionary transformation, growth opportunities and foundational systemic and structural changes in light of technological interdependencies among market players, infrastructures and ecosystem stakeholders.Transformation Dynamics in FinTech contributes to the intellectual curiosity around the symbiotic relationship of finance and technology by focusing on the multidimensional and multidisciplinary role of open innovation within FinTech innovation, observing and communicating the latest technological, managerial, governance, policy and regulatory perspectives, trends and developments.This book is an essential reading for anyone interested in the growing and evolving development of FinTech ecosystems based on new capabilities and structures that create new dominant architectural designs, which determine competitive dynamics, products, services, processes, business models, markets, value chains, within an open and transformed financial services industry landscape.

This book presents the emerging paradigm and methodology, Open Innovation 2.0 (OI2), which aims to help drive significant structural changes and benefits through digital innovation to society and industry. It highlights how new services and markets can be co-created in open ecosystems and how this leads to a transformation from win-lose to win-win situations for all stakeholders. Organized around a number of core patterns of OI2, such as shared purpose, partnering and platforms, this book leverages more than five years of research by the EU Open Innovation Strategy Policy group. Popularized in the early 2000s, open innovation is a systematic process by which ideas can pass among organizations and travel on different exploitation vectors for value creation. With the simultaneous arrival of multiple digital disruptive technologies and rapid evolution of the discipline of innovation, it became apparent that an entirely new approach to innovation was needed that incorporated technological, societal and policy dimensions. Unlike other innovation methodologies, OI2 is an innovation paradigm and methodology with a purpose: to seek and deliver innovations that move us collectively on to a trajectory towards sustainable intelligent living. OI2 is a paradigm advocating for disruptions, seeking the unexpected and providing support for rapid scale-up of successes. As a method, it provides a safety net for both innovations and innovators, inspiring innovators to have the confidence and courage to innovate. Featuring case studies from domains such as energy, telecommunications, transportation, and finance and from companies including Intel, Lego, Alcatel Lucent and Alstom, this book is useful to industry executives, policy makers, academics, and students of innovation and innovation management.

Open innovation means gathering new ideas from sources beyond organizational boundaries. It occurs when solutions to address clients’ needs are developed in collaboration and the resulting products and services are distributed through a flexible network of partners. Daniel Fasnacht’s book, the first of its kind, discusses open business models in the context of the financial services industry. He elaborates the drivers for strategic change such as increasingly sophisticated clients or demanding shareholders among other trends, including the recent global financial crisis, and explains why the transition from a closed model of operation to open innovation is vital. Various case studies illustrate how to integrate the client into the firm's innovation process and emphasize the importance of smart client segmentation and a holistic advisory model to serve clients around the globe. Leaders must develop a set of new management practices to be able to invest in multiple strategic directions. They are responsible for giving clients a remarkable experience and for creating social relationship capital based upon an open innovation culture. Open Innovation in the Financial Services provides a much-needed framework for helping to understand industry dynamics in banking and to make the most of organizational energy by using open innovation to sustain profitable growth. The book comes at the right time and offers a new mindset for business – not only for expansion strategies in general, but especially during turbulent times.

Digital technology in the form of big data and data analytics is transforming the global economy. This book is the first to take an open innovation perspective to the study and practice of ecosystems, providing a novel way of understanding the impact data has on the way entrepreneurial firms develop.

Open Innovation describes an emergent model of innovation in which firms draw on research and development that may lie outside their own boundaries. In some cases, such as open source software, this research and development can take place in a non-proprietary manner. Henry Chesbrough and his collaborators investigate this phenomenon, linking the practice of innovation to the established body of innovation research, showing what's new and what's familiar in the process. Offering theoretical explanations for the use (and limits) of open innovation, the book examines the applicability of the concept, implications for the boundaries of firms, the potential of open innovation to prove successful, and implications for intellectual property policies and practices. The book will be key reading for academics, researchers, and graduate students of innovation and technology management.

The concept of open innovation (OI) has become a very popular topic during the last decade, with increasing number of SMEs embracing OI practices to gain competitive advantage. This edited volume is a timely opportunity to gather research on OI in SMEs, to investigate how OI is managed and implemented to determine the peculiarities compared to OI management in large companies, and to specify the consequences for future OI research.The book offers insights into the following topics: The state of the art on open innovation in SMEs; adopting open innovation in SMEs; interorganizational networks and innovation ecosystems; sectoral patterns of open innovation in SMEs; and measuring, evaluating and stimulating open innovation in SMEs.

Innovation stimulates and facilitates entrepreneurship because the highest levels of entrepreneurship are to be found in societies with the highest value creation and digital dividends. The higher levels of consumption, employment, and cost reduction generated by the implementation of digital technologies motivates entrepreneurs to expand their activity and promotes the emergence of new entrepreneurs. Positive outcomes can be generated by the implementation of innovation leaders to higher competition and new markets, incentivizing entrepreneurs to introduce new innovations to react to these higher levels of competition, which are accompanied by their corresponding value creation. Analyzing the Relationship Between Innovation, Value Creation, and Entrepreneurship is a pivotal reference source that analyzes the theoretical and empirical aspects of innovation as a factor that enhances value creation and the role of entrepreneurship. While highlighting topics such as data management, social enterprise, and digital marketing, this publication explores enhanced economic growth and the methods of higher levels of consumption in society. This book is ideally designed for corporate managers, business executives, academicians, students, and researchers seeking current research on interrelationships between financial variables, strategies to apply them at the micro- and macro-level, and a consideration of the fiscal effects once implemented.

The concept of open innovation has become increasingly popular in the management and policy literature on technology and innovation. However, despite the large volume of empirical work, many of the prescriptions being proposed are fairly general and not specific to particular contexts and contingencies. The proponents of open innovation are universally positive but research suggests that the specific mechanisms and outcomes of open innovation models are very sensitive to context and contingency. This is not surprising because the open or closed nature of innovation is historically contingent and does not entail a simple shift from closed to open as often suggested in the literature. Research has shown that patterns of innovation differ fundamentally by sector, firm and strategy. Therefore, there is a need to examine the mechanisms that help to generate successful open innovation. In this book, the authors contribute to a shift in the debate from potentially misleading general prescriptions, and provide conceptual and empirical insights into the precise mechanisms and potential limitations of open innovation research and management practice.

Following on from their previous book 'Open Innovation', the editors have compiled this book, as a major initiative of top scholars in open innovation setting out a research agenda for the next 5 to 10 years.