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