Paths to Accomplish a Successful Open Innovation 2.0 Strategy

The adoption of Web 2.0 by companies facilitates the implementation of an open innovation strategy. Web 2.0 applications provide an excellent pool to leverage internal and external knowledge and ideas which will accelerate technological innovation. This paper looks to the actual impact of Web 2.0 technologies in the business environment and analyzes the motivation drivers to participate in open innovation communities, exploring the increased importance of knowledge networks in the business ecosystem. Additionally, it presents seven guidelines that business leaders should consider to conduct an open innovation 2.0 strategy. Among others, businesses should provide an adequate IT infrastructure, capture tacit knowledge, provide training and coaching sessions and establish an effective evaluation system of their enterprise idea management solution.