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Market-Based Solutions to Vital Economic Issues


Kenan Institute 2024 Grand Challenge: Business Resilience
Market-Based Solutions to Vital Economic Issues
Jul 1, 2019

Crowdsourcing In Open Strategy: What Can Open Strategy Learn From Open Innovation?


Organizational, economic, and technology forces are encouraging organizations to experiment with new ways to develop their strategic priorities (Chesbrough & Appleyard, 2007). One such new approach is Open Strategy (OS), an approach that increasingly relies on the use of online digital platforms. OS refers to the process by which an organization’s strategy for the future is developed in a planned or inadvertent manner with more transparency for all stakeholders and/or inclusion of different stakeholders compared to conventional strategy-making processes (Hautz et al., 2017; Mack & Szulanski, 2017; Whittington et al., 2011). Rather than limiting strategy to an exclusive group of “elite” strategy planners, OS engages a broader set of stakeholders in the process (Dobusch & Kapeller, 2013; Palmisano, 2004; Steiger et al., 2012). Among those included in OS are external stakeholders, defined as individuals not currently employed by the organization, including current or future potential customers, investors, general public, suppliers, universities, or other as-yet unaffiliated institutions and individuals.

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