THE OPEN INNOVATION MODEL: EXPLAINING THE FACTORS THAT HINDER ITS IMPLEMENTATION IN THE ALBANIAN BANKING SYSTEM

Besarta Vladi

Abstract


The implementation of an open innovation model is considered by many researchers, to be a great opportunity to help profit-making organizations become more competitive and successful. But some sectors, such as the banking sector, are not able to apply this model. In the Albanian banking sector, the concept of an open innovation model is almost unknown to executive directors. The question is: Why does this happen? The implementation of an open innovation model is strongly affected by cost, short term focus, legislative problems, lack of information, and frequently by a lack of interest in cooperation. As a possible solution for this problem, especially during the financial crisis which has impacted Albanian as well as the rest of the world, raising a strong awareness of the importance of this model could be one route to improve the level of competitiveness in the banking sector. 


Full Text:

PDF

References


Allen, R. (1983). Collective invention. Journal of Economic Behaviour and Organization, 4, 1-24. doi: 10.1016/0167-2681(83)90023-9

Chesbrough, H. (2006). Open Innovation: A new paradigm for understanding industrial innovation. Oxford, England: Oxford University Press.

Dahl, M. & Pedersen, Ch. (2004). Knowledge flows through informal contacts in industrial clusters: myth or reality? Research Policy - Elsevier, vol. 33 (10).

Fasnacht, D. (2009). Open Innovation in the Financial Services. Berlin, Germany: Springer.

Franke, N. & Shah, S. (2003). How communities support innovative activities: an exploration of assistance and sharing among end-users. Research Policy, 32, 157–178. doi: 10.1016/S0048-7333(02)00006-9

Golightly, J. (2012). Realising the Value of Open Innovation: The work Foundation. Lancaster University, UK: Big Innovation Centre.

Harhoff, D., Scherer, F. & Vopel, K. (2003). Citations, family size, opposition, and the value of patent rights. Research Policy, 32, 1343-1364. doi: 10.1016/S0048-7333(02)00124-5

Hippel, E. (1988). The Sources of Innovation. Oxford, UK: Oxford University Press.

International Monetary Fund. (2012). Article IV Consultation: Albania. IMF Country Report No. 13/7, Washington, D.C.: Author.

Morrison, J., Pirelli, P. & Card, S. (2001). A taxonomic analysis of what world wide web activities significantly impact people's decisions and actions. Proceedings of the SIGCHI Conference on Human Factors in Computing Systems (CHI'01) held in Seattle, WA, March 31 – April 5, 2001. (p. 163–164). Retrieved from http://dl.acm.org/citation.cfm?id=634167

Nonaka, I. & Konno, N. (1998). The concept of ‘ba’: building a foundation for knowledge creation. California Management Review, Vol. 40, pp. 40-54. doi: 10.2307/41165942

Raymond, E. (1999). The Cathedral and the Bazaar: Musings on Linux and open source by an accidental revolutionary. Sebastopol, CA: O’Reilly.

Rehder, P. & Levi, D. (2011). Innovation Excellence: What Banks Can Learn from Top Innovators in Other Industries. United State: Accenture. Retrieved April 10, 2013, from http://www.accenture.com/SiteCollectionDocuments/PDF/Accenture-APAC-BNK-BrightIdeas.pdf

Rogers, E. (2003). Diffusion of Innovation (Fifth Edition). New York, NY: Free Press.

Schrader, S. (1991). Informal technology transfer between firms: Cooperation through information trading. Research Policy, 20 (2): 153- 170. doi: 10.1016/0048-7333(91)90077-4




DOI: http://dx.doi.org/10.12955/cbup.v1.16

Refbacks

  • There are currently no refbacks.


Print ISSN 1805-997X, Online ISSN 1805-9961

(c) 2016 Central Bohemia University