The Reinvigorating of International Entrepreneurship by Open Innovation Strategy for Iranian Businesses

Abstract

The crucial challenges facing the economic, cultural and social situations of the 21st century are calling for new initiatives and thinking . International mindset and innovative structure of businesses are vital routes for economic growth and for competitiveness of businesses particularly in the foreign markets. A key component to succeed in international entrepreneurship is promoting a new archetype of innovation that is called open innovation which is capable to match knowledge and technology innovation with business challenges and societal development inside alliances, networks, and joint ventures. Open innovation offered a unique outside-in process from suppliers, supply chain, research centers and then transformed into an advanced new process. This setup concurrently entrepreneurs to create and sustain incremental and radical innovative efforts to develop international speed and intensity. Further, the incorporation of open innovation highlights that these not only take form in relation to external partners but also between units of the firm who fill network structural holes. The main contribution of this paper is adding to the body of international entrepreneurship literature by introducing a novel theoretical model for Iranian businesses who wishes to join international trade networks, given the scope of international competition.