Can User Innovation Grow a Firm? The Case of the Korean Smart Media Industry
1
Technology Management, Economics and Policy Program, College of Engineering, Seoul National University, Seoul 08826, Korea
2
Department of Biomedical Convergence, College of Medicine, Chungbuk National University, Cheongju 28644, Korea
*
Author to whom correspondence should be addressed.
Electronics 2019, 8(10), 1114; https://doi.org/10.3390/electronics8101114
Received: 29 August 2019 / Revised: 25 September 2019 / Accepted: 27 September 2019 / Published: 2 October 2019
(This article belongs to the Special Issue Electronics and Dynamic Open Innovation)
With the rapid development of information and communications technology (ICT), smart society has arrived. The emergence of smart media has changed the user’s role. Broader communication coverage, faster Internet speeds, and an expanding application market promote user participation. Therefore, the role of users in innovation has become more important than ever. In this rapidly changing environment, it has become important for firms to consider the role of users when developing innovation strategies. It is hard for a firm to maintain all abilities and resources amid this sudden change; therefore, firms have to develop their strategy considering the user’s role. For that reason, firms need to network with universities, researchers, firms, and users from the open innovation perspective. This study divides firm strategy into exploitation and exploration strategies in the value chain and identifies the effects of utilization strategy, exploration strategy, and the role of users in the smart media industry on firm performance.
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Keywords:
User innovation; open innovation; exploitation and exploration strategy; smart media industry; innovation factors
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MDPI and ACS Style
Na, C.; Kim, E.; Shin, K. Can User Innovation Grow a Firm? The Case of the Korean Smart Media Industry. Electronics 2019, 8, 1114.
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