Cited 3 time in webofscience Cited 33 time in scopus

Open Innovation and Serial Entrepreneurs

Title
Open Innovation and Serial Entrepreneurs
Authors
Yun, Jinhyo JosephMinHwa LeeKyungBae ParkZhao, Xiaofei
DGIST Authors
Yun, Jinhyo Joseph; Zhao, Xiaofei
Issue Date
2019-09
Citation
Sustainability, 11(18)
Type
Article
Article Type
Article
Author Keywords
Open innovationSerial entrepreneurSpin-offVenture investmentJoint venture
Keywords
JOINT VENTUREPERFORMANCEMODELSMARKETSFUTURE
ISSN
2071-1050
Abstract
With the advent of the Fourth Industrial Revolution, the role of entrepreneurs has become more crucial than ever. As a result, an open innovation model is suggested here that can promote serial entrepreneurs by answering the following question: How does the serial entrepreneur in open innovation conditions continuously identify business opportunities? This question is answered through an in-depth case study of Medison from 1985 to 2016, as Medison is not only a representative Korean medical device company, but is also a representative example of serial entrepreneurship in Korea. First, we examined the diverse open innovation channels, such as spin-offs, venture investment, and joint venture, used by Medison before it was merged with Samsung. Second, we examined the open innovation serial entrepreneurs of Medison and then analyzed the direct serial entrepreneurs of Medison. Fourth, we built a causal loop model of Medison open innovation with emergence and complexity combined. Finally, a sustainable open innovation strategy and an approach to sustainable serial entrepreneurship was formulated. The foundation of this research is as follows. First, an open innovation strategy can be a strong motivator for serial entrepreneurs. Second, a balance between emergence and complexity is required to trigger sustainable serial entrepreneurs of open innovation. © 2019 by the authors.
URI
http://hdl.handle.net/20.500.11750/10792
DOI
10.3390/su11185055
Publisher
MDPI
Related Researcher
Files:
Collection:
Division of Electronics & Information System1. Journal Articles


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