Open innovation in nascent ventures: Does openness influence the speed of reaching critical milestones?

• DOI: 10.1016/j.technovation.2023.102732
• Publication Date: 2023-03-13T18:35:16Z
• Authors: Adrian Toroslu; Andrea M. Herrmann; Maryse M.H. Chappin; Brita Schemmann; Carolina Castaldi
• Keywords: Openness to experience; New Ventures; Open Innovation; Leverage (statistics); Corporate venture capital; Product innovation

Research on open innovation (OI) has demonstrated the benefits of openness for firm processes, but studies have mostly offered cross-sectional insights incumbent firms. This study offers a more dynamic perspective relevance OI nascent ventures. Combining entrepreneurship and theories, we argue that it is key resource-scarce ventures to achieve critical venture-creation milestones. While can help these leverage salient external partnerships, affects their speed reaching We test our hypotheses longitudinal sample focusing collaboration practices in renewable energy or information communications technology industries. Our results show that, while engaging R&D collaborations slows down ventures' product development sustainable profit generation activities, joining industry associations does not slow-down effect. complement literature by warning about downsides ventures, particularly during venture creation phase, where high priority.