Open Innovation Approaches, Adoption and Its Effect on Firm Performance: An Evidence from Indian Biotechnological Firms

The paper explores the implementation of open innovation approaches in the biotechnology industry in India, examining which innovation approach is to be incorporated and how these approaches influence the performance of the firm. This paper takes up a quantitative research approach. A structured questionnaire was developed after identifying the variables and 200 responses from the biotechnology sector were recorded using the snowball sampling method. The data collected was entered in IBM SPSS 23 and an ordinal logistic regression technique was used to compute the results. The study found that the performance of the firm is influenced by open innovation practices like collaboration, intellectual property right practices, and alliance. Further, the result indicates that collaboration with R&D labs, collaboration with customers, and collaboration with suppliers help to improve the firm performance. The outcomes of this research have far-reaching implications on theory and practitioners in emerging economies. The study helps the managers to take decisions on the adoption of specific innovation approaches.