Perceptions by users of an Open Innovation platform regarding the innovation value chain

Abstract

Background: Stimulating entrepreneurial activity is at the forefront of economic development attributable to its contribution to job creation and economic growth. As competitive markets rise, businesses are required to increasingly innovate in order to obtain and maintain a competitive advantage, especially within the reality of the globalization of modern economies. In recent years, collaborative practices such as Open Innovation are utilized to maintain a competitive advantage and remain sustainable. Whilst the benefits of Open Innovation are widely spoken about, little is understood about the successes of Open Innovation intermediaries in accelerating the commercialisation of new ideas. Purpose: The perceptions of Open Innovation by users of an Open Innovation platform regarding taking ideas- to-market were investigated in this article. Methods: A quantitative research method using self-administered questionnaires was utilised for collecting data from 192 respondents registered onto the Open Innovation platform. Findings: Results indicate that respondents have similar views regarding entrepreneurship, the innovation value chain and Open Innovation regardless of their industry, level of education or business focus. Conclusions: The article helps entrepreneurs make better decisions about commercialisation through the use of Open Innovation and could assist policy makers in identifying what is needed to promote early-stage entrepreneurial activity in South Africa.