Abstract
AbstractOrganizations face challenges in acquiring the necessary expertise and dynamic capabilities (DCs) to rapidly develop products and services due to the current technological environment. Open innovation (OI) offers greater flexibility by enabling cooperation with external partners and motivating personnel to adopt new business approaches. Social media can play a crucial role in this strategy, providing valuable information that can enhance the performance of innovation projects by accessing market insights and innovative technical solutions. The article aims to analyze how social media and OI strategy, integrated with DCs, can enhance business opportunities and challenges. This research proposes an analytical framework contributing to literature and theory on using social media analysis to gauge innovation strategy implementation and contrast it with DC theory. It provides a comprehensive framework addressing essential characteristics to navigate changing scenarios by using an innovative method (netnography) to understand and measure companies’ interaction on social media, utilizing primary data (surveys on openness to innovation) and secondary data (LinkedIn data analyzed through machine learning and natural language processing). The empirical section of the paper quantifies the strategic advantages of OI and DCs with a focus on eight innovative multinational tech-based corporations, analyzing their “degree of openness” and adaptability. Organizations that are more open and accumulate integrated knowledge gain competitive advantages, enhancing their ability to innovate, coordinate, rapidly market, and respond to market changes, demonstrating the development of DC alongside OI. Managerial implications relate to the need to match OI strategy with DCs associated with social media.
Published Version
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