Ready, set, innovate! Developing business model innovation through open innovation contests and student teams
by Annabeth Aagaard
International Journal of Entrepreneurship and Innovation Management (IJEIM), Vol. 26, No. 5/6, 2022

Abstract: The research aim of this paper is to explore how open innovation contests are applied and facilitated successfully for business model innovation using student teams. Based on a case study of five international food companies, the study explores how food companies use innovation contests and identify how interdisciplinary student teams successfully develop business model innovations. The findings reveal six key steps and 25 key activities that influence the success of interdisciplinary student teams in carrying out business model innovation in innovation contests. The theoretical contributions of the study answer the research gaps on how different open innovation approaches like open innovation student contests are applied in developing creative solutions and business model innovation and how open innovation processes using students are carried out successfully. The empirical contributions and managerial implications of the study reveal how companies can leverage open innovation contests through key steps and activities in effective use of interdisciplinary student teams to successfully develop business model innovation.

Online publication date: Thu, 12-Jan-2023

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