“Collective Innovation and Its Governance”
Digitization and the internet allow new forms of collaborating on innovation activities. For example, a large percentage of new medical drugs are developed in collaboration between firms, important software package are developed through open source software communities, and firms increasingly source ideas through innovation contests. While collective innovation enables individuals and organizations to combine and complement each other’s resources and capabilities, it also poses considerable governance challenges. For instance, collective innovation projects are prone to misappropriation concerns, misaligned incentives, insufficient resource endowment, disputes, renegotiations, and premature terminations, all of which affect the success of the innovation projects.
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