Value Creation and Value Capture in Open Innovation

Henry Chesbrough, Christopher Lettl, Thomas Ritter*

*Corresponding author for this work

Research output: Contribution to journalJournal articleResearchpeer-review


Open innovation has attracted a significant amount of attention from scholars and practitioners. Prior research on open innovation has mainly focused on collaborative inventing. However, understanding the processes and outcomes of joint inventing is not sufficient for understanding sustained open‐innovation activities and the competitive advantages of the actors involved in open innovation. Instead, an understanding of value creation and value capture is paramount for advancing our understanding of sustained open‐innovation activities. Open innovation requires collaboration among distributed but interdependent actors who rely on each other’s capabilities for value creation and capture. Value in open innovation is driven not only by actors’ value creation but also by their ability to capture value. While value creation and value capture are discussed in the open‐innovation literature, the advancement of this stream of research is hindered by conceptual ambiguity, especially in relation to the concept of value capture. This article adopts a value perspective on open innovation, offers consistent conceptualizations of value creation and value capture, and outlines potential avenues for further research at the interface of open innovation, value creation, and value capture.
Original languageEnglish
JournalJournal of Product Innovation Management
Issue number6
Pages (from-to)930-938
Number of pages9
Publication statusPublished - Nov 2018

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