Open Innovation in Entrepreneurships:Agents of Transformation towards the Knowledge-Based Economy

Abstract

Innovation and globalization are the two essential components of economic achievement. The Internet is the catalyst and its emerging forms are assisting in this aspect. But, due to the global economic crisis, nations and enterprises are facing challenges. Those challenges include social, cultural, economical and political contexts. To overcome, all entities jointly and, or individually are trying through various policies, strategies and activities. Furthermore, the transformation of technologies has also transformed those strategies and approaches through the years. The main focus of this paper emphasizes on agents of transformation in OECD region to find open innovation in entrepreneurships leading to establishment of a knowledge based economy. This paper has found a few of the strategies that are acting as the agents of these transformations deducting from several exhaustive reports made by the OECD Secretariat. The paper has also reviewed extant literatures, including classical and relevant contributions supporting the hypothesis. The research observes that during this period (1999)(2000)(2001)(2002)(2003)(2004)(2005)(2006)(2007)(2008)(2009)(2010)(2011) open innovation strategies have been transformed towards the knowledge based economy. In this aspect, the paper has synthesized a few key elements of the transformation ranging from human resources to venture capital to patenting. Before concluding on the research findings, the paper has tried to develop a research framework in relation to the agents of transformation.

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