Open Innovation in Hanoi-Based Enterprises

Open innovation is a non-traditional approach to innovation wherein firms incorporate external ideas and technologies into their innovation management process rather than rely solely on their own internal knowledge and resources. In the context of the Fourth Industrial Revolution, the open innovation method, compared to the conventional one, appears to be more appropriate as it could assist enterprises successfully enhance the product quality and quickly bring new products to market. However, while an open approach to innovation could offer numerous potentials for advancement, it seems to be difficult for firms, particularly small and medium-sized enterprises, to adopt. This study aims to present open innovation models mostly adopted in practice and provide implications for fostering open innovation in Hanoi-based enterprises in the coming time.