Open Innovation & Stakeholders Engagement

The paradox of open innovation lies in the conflict between the practical desire to reap the benefits of open innovation and concern over the risk that others will misappropriate those benefits. Open innovation models bring changes in the firm's approach to strategic management of technology. Over the years, as a response to emerges at significant improvements in the competitive environment. Open innovation that we can always make progress because all ideas are good ideas, Also all ideas can be developed, if the idea is worth thinking about, it is worth telling. We are creative and we can get more creative. Stakeholder theory and recent developments in value creation through stakeholder engagement can assist with reconciliation of this inherent structural risk. The limitations of existing open innovation typologies are identified, and a process-based model of open innovation is proposed. The model is then expanded to include stakeholder engagement. When integrated with stakeholder engagement, open innovation processes can be understood to generate benefits beyond the acquisition of specific information sought from external experts. The addition of stakeholder engagement to the open innovation model allows for greater understanding and easier acceptance of the risks inherent in the open innovation process. Therefore this application article uses library overview and in addition to this, it focuses on open innovation literature and some of its models. Also, it Deals with the relationship between open innovation and stakeholder participation And would be try to provide the benefits and risks of engagement to the audience.