Open innovation for entrepreneurial opportunities: how can stakeholder involvement foster new products in science and technology-based start-ups?

Abstract

An open innovation approach can contribute to management opportunities. This article analyses how Science and Technology-Based Start-ups (STBSUs) achieve entrepreneurial opportunities involving stakeholders. The basis of the analysis comes from a qualitative and exploratory study of 24 STBSUs from two entrepreneurial ecosystems in France and Spain. The empirical data shows the active listening and generation of a co-creation environment where stakeholders emerge as key tools for innovativeness, competitiveness and survival in STBSUs. The findings suggest the recognition of uncertainty is a driving force for implementing open innovation. The findings contribute empirical insights into how STBSUs take advantage of stakeholder contribution in product development and suggest practical implications and future directions in the field of entrepreneurship and open innovation.