The purpose of this paper is to provide a methodological framework for evaluating the impact of open innovation (OI) adoption on start-up ventures at the knowledge domain level, taking into account the technological specialization and the quality of innovation output.
The framework employs patent data for investigating joint development activities between start-ups and partners, thus defining an openness degree of R&D. The partner typology and the levels of specialization on the knowledge fields affected by each invention are investigated. The methodology is tested on a sample of bio-pharmaceutical start-ups.
On average, the openness level in the start-up phase is higher than the consolidation one. Furthermore, the higher the level of openness during the start-up phase, the higher the propensity to collaborate with scientific organizations. And yet, the occurrence of R&D collaborations is positively correlated to the level of specialization on the knowledge fields involved in joint development activities.
OI strategies are valuable for start-ups, particularly in the bio-pharmaceutical industry, since their adoption improves the quality of innovation output. This is particularly true when R&D collaborations are established with scientific entities.
This work investigates the impact of OI adoption on start-up ventures at the knowledge domain level, by employing objective and standardized data. Hence, the methodology can be considered as a first step in developing a useful tool for managers, researchers and business analysts.
