Integrating corporate foresight with open innovation: enhancing competitiveness of equipment and technology suppliers to the US forest sector

Abstract

Equipment and technology suppliers to the United States (US) forest sector are confronting challenges and opportunities to respond to disruptive changes in an increasingly challenging business environment. Integrating corporate foresight (CF) with open innovation (OI) may contribute to enhanced competitiveness of these equipment and technology suppliers in today’s complex business context. Due to its collaborative and interdisciplinary nature, open innovation is crucial for success. Corporate foresight may enhance the ability of firms to implement open innovation, in turn enhancing innovation in the US forest sector through collaboration. This study uses data from a questionnaire-based study to investigate the current state of OI and CF activities that are applied by equipment and technology suppliers to the US forest sector. The results present strengths and weaknesses of OI and CF maturity among respondents and indicate that improved collaboration is necessary for OI management and a culture change must be facilitated for CF management.