Innovative Firms Gain Competitive Edge Through Open Innovation
This research looks at how a company's ability to adapt to changes affects its success, and how sharing ideas with others (open innovation) plays a role. By analyzing data from 465 firms, they found that a company's adaptability positively affects how well it shares ideas. In turn, sharing ideas with others boosts the firm's performance against competitors. The study reveals that the link between adaptability and success is partly explained by open innovation. The findings suggest that to improve performance, companies should focus on investing in new ideas, involving customers in the innovation process, and maintaining strong innovation practices. This research adds to our understanding of how being adaptable and open to sharing ideas can help companies do better than their rivals.