Abstract
Open innovation concept changes the course of many strategic functions in the business world. At least, due to openness of innovation, intellectual property (IP) management is witnessing a new and unique type of experience, which requires different strategies for firms to take. Many leading companies are earning a fair amount of their revenues from IP out-licensing. Others are heavily involved with IP in-licensing to reduce their internal R&D costs or IP cross-licensing for mutual benefits. Some are winning and other are losing in this newly developed IPs regime. Thus, IP is a glowingly pivotal player in the open innovation phenomenon. The study aims to explore this relatively new phenomenon - how IP plays roles in open innovation paradigm - which has so far been studied very sparsely. The paper concludes with a suggested research agenda and provides some managerial implications to find insight on the role of intellectual property in open innovation paradigm.
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