Knowledge Risk Management During Implementation of Open Innovation

Abstract

Innovation becomes one of the important tools to enhance innovation management of companies and for successful innovation results knowledge management and open innovation approaches have been recommended. The knowledge is one of the key inputs for innovation and therefore the managing the knowledge is crucial. Open innovation urges companies to collaborate with external partners to obtain maximum benefit. The aim of this chapter, while explaining the importance of open innovation and the successful implementation results, is also to explain the risks that companies face in the implementation of open innovation. In this chapter, we first explain the risks companies face in different archetypes of open innovation process such as outside-in, inside-out, and coupled open innovation processes. Secondly, we recommended some precautions companies can take to minimise this risk and maximise the advantages. This chapter provides that knowledge risk is inevitable during the implementation of open innovation no matter what the size of companies. To minimise this, it is recommended to implement some tools for better manage the knowledge such as knowledge map, IP, need assessment, and innovation management tools. Additionally, to increase motivation and dedication of staff and enhancing their skills via internal and external training are suggested.