A framework to manage the innovation strategies of new technology based firms

Technological innovations are today progressing at a rapid rate with many technologies heralded as major breakthroughs. New technology-based firms (NTBFs) are important drivers of innovation and economic growth; however they face huge challenges in terms of realising the latent economic potential from new innovations in the current economic climate. Open innovation offers the prospect of lower costs for innovation, faster times to market, and the chance to share risks. By developing open business models companies can capture the multifaceted ideas of scientists, engineers and end users allowing beneficial technologies to reach the market more quickly in a way that is evidence focused.