The Optimal Open Innovation Strategy with Science-based Partners for Venture Firm’s Innovation Capabilities

Focusing on Innovation Modes

Venture ecosystem
Open innovation
Innovation mode
Average Treatment Effect
Science, Technology and Society

Cheongho Na

Changjun Lee

Eungdo Kim*



This study explores the difference in the effects of innovation modes on innovation capabilities dividing various collaborative activities conducted by venture firms with science-based partners into innovation modes. Venture firms that relatively lack the resources and capabilities for innovation perform various collaborative activities such as marketing support and management support as well as research and development collaboration with science-based partners. However, this has not received proper attention in the literature on open innovation. We classified venture firms according to innovation modes and compared each group through a multi-treatment model. As a result, we found that there was a difference in the impact on innovation capability according to the innovation mode with science-based partners. This study contributes to enriching the empirical bodies of open innovation research. In addition, it suggests that there is a need for a portfolio approach considering the innovation modes by establishing policies at the level of collaborative activities in supporting the collaboration of venture firms.