Scholars have recently highlighted the promise of open innovation. In this paper, we treat open innovation—in it's different forms and manifestations—as well as internal or closed innovation, as unique governance forms with different benefits and costs. We discuss how each governance form,...

In this paper we develop the outlines of a theory for the firm—a theory that guides a firm’s path to value creation, in response to the critique by von Hippel and von Krogh [von Hippel E, von Krogh G (2016) Identifying viable "need–solution pairs": Problem solving without problem...

More than 65 years ago Friedrich Hayek parenthetically remarked that while ‘man has learned to use [the market] . he is still very far from having learned to make the best use of it’ (1945: 528). The ensuing years have seen significant innovation in the structure and use of markets,...

A central role of the entrepreneur-manager is assembling a strategic bundle of complementary assets and activities, either existing or foreseen, which when combined create value for the firm. This process of creating value however requires managers to assess which activities should be handled by...