Abstract

Open innovation, characterized by the exchange of knowledge and resources with external entities, is increasingly influencing the landscape of digital healthcare. This research examines the case of Neeuro, a Singaporean venture capitalizing on open innovation strategies for its successful growth within the mental health technology domain. The 21st century has witnessed a rise in mental health concerns triggered by the pervasive nature of technology and an aging population grappling with age-related ailments. Recognizing this growing need, Neeuro has embraced open innovation to develop pioneering healthcare technology and medical devices aimed at improving mental well-being. Through the lens of entrepreneurial competency theory, our analysis identifies three key factors underpinning Neeuro's growth: (1)Technical Competency: Neeuro leveraged its technical expertise to create a differentiated technology platform, establishing itself as a leader in the field. (2)Funding Capability: The company's adept navigation of funding opportunities provided a crucial foundation for sustained growth. (3) Network Competency: Strategic alliances forged through robust network capabilities further fostered open innovation and accelerated Neeuro's progress. These findings highlight the central role of open innovation, facilitated by entrepreneurial competencies, in driving the expansion of venture companies. This research underscores the significance of open innovation in propelling the growth and success of digital healthcare ventures. Neeuro's case study serves as a powerful testament to the efficacy of open innovation strategies in the digital era, emphasizing the pivotal role of technological differentiation, strategic funding, and collaborative networks. It not only demonstrates the viability of open innovation for venture companies within the digital healthcare landscape but also suggests valuable directions for the medical device industry as it navigates the complexities of a progressively digitalized world.

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