How Open Innovation Practices Deliver Societal Benefits

By • on February 3, 2021

The EconPages website noted that open innovation practices have the potential to benefit society greatly. Bridging the research on open innovation, diffusion of innovation and responsible innovation, this study investigates how open innovation practices can foster societal benefits. Elaborating on potential benefit gaps and detrimental effects of innovation, the study proposes six distinct innovation attributes to deliver societal benefits: (I) adequate information and communication channels, (II) affordability, (III) appropriateness and availability, (IV) anticipation in terms of appropriate and reflexive risk assessment, (V) accountability in terms of adequate cost allocation of detrimental side effects, and (VI) sustainable path creation for transitions towards societal and environmental sustainability.

Click here to read the full abstract of the article.

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