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J. Open Innov. Technol. Mark. Complex., Volume 5, Issue 4 (December 2019)

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Open AccessArticle
Customer Happiness and Open Innovation in the Esthetics Education for the Elderly Generation
J. Open Innov. Technol. Mark. Complex. 2019, 5(4), 86; https://doi.org/10.3390/joitmc5040086 (registering DOI) - 16 Oct 2019
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Abstract
In Korean society, where aging is rapidly progressing, the happiness of the elderly is no longer an economic issue. An esthetics program has the effect of improving depression or low self-esteem to increase psychological and physical satisfaction, which is a good way to [...] Read more.
In Korean society, where aging is rapidly progressing, the happiness of the elderly is no longer an economic issue. An esthetics program has the effect of improving depression or low self-esteem to increase psychological and physical satisfaction, which is a good way to raise the happiness index of the elderly. However, there is a lack of esthetics education or esthetics programs in Korea to train estheticians to serve elderly people. This study confirmed the possibility of open innovation through esthetics education to increase the happiness index of the elderly. As a research method, a self-administered questionnaire was used to survey 572 estheticians and analyzed statistically. In this study, Korean estheticians were very positive about the need for the development of professional care programs for the elderly, and it was found that they are willing to care for the elderly. Developing a variety of esthetic programs through the training of professional manpower for the elderly in the future will contribute to enhancing the happiness index of elderly Korean people. Full article
Open AccessArticle
Towards a City-Based Cultural Ecosystem Service Innovation Framework as Improved Public-Private-Partnership Model—A Case Study of Kaohsiung Dome
J. Open Innov. Technol. Mark. Complex. 2019, 5(4), 85; https://doi.org/10.3390/joitmc5040085 (registering DOI) - 16 Oct 2019
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Abstract
This paper explains the concept of a city-based cultural ecosystem service, and how innovations and systematic operations management can help an international city to improve the efficiency and effectiveness of the Public-Private Partnership (PPP) model. Previous studies suggest that most of the PPP [...] Read more.
This paper explains the concept of a city-based cultural ecosystem service, and how innovations and systematic operations management can help an international city to improve the efficiency and effectiveness of the Public-Private Partnership (PPP) model. Previous studies suggest that most of the PPP models focus on the operation and analysis of PPP construction projects, limited attention of the subsequent operations and management for PPP facilities. This paper thus proposed an integrated PPP management framework with the principles of Cultural Ecosystem Service (CES) and open innovation to support better operations management of PPP projects. While the management of modern PPP projects will inevitably encounter the challenges of cross-disciplinary management and service innovation in the period of operations management, Cultural Ecosystem Service Innovation (CESI) framework is useful to support the practice and continuous improvement. A real-world case of Kaohsiung Dome in Taiwan has been benchmarked and analyzed with empirical data. With in-depth expert interviews, the paper demonstrates the use of CESI framework to support business strategy and operations management for sustainable system development and shared values. Management implications were addressed to promote multiple positive feedbacks with the government, enterprises, and the general public and jointly strive to support the development of a benchmarked city. Full article
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Open AccessArticle
Modified Differential Evolution Algorithm for a Transportation Software Application
J. Open Innov. Technol. Mark. Complex. 2019, 5(4), 84; https://doi.org/10.3390/joitmc5040084 - 12 Oct 2019
Viewed by 194
Abstract
This research developed a solution approach that is a combination of a web application and the modified differential evolution (MDE) algorithm, aimed at solving a real-time transportation problem. A case study involving an inbound transportation problem in a company that has to plan [...] Read more.
This research developed a solution approach that is a combination of a web application and the modified differential evolution (MDE) algorithm, aimed at solving a real-time transportation problem. A case study involving an inbound transportation problem in a company that has to plan the direct shipping of a finished product to be collected at the depot where the vehicles are located is presented. In the newly designed transportation plan, a vehicle will go to pick up the raw material required by a certain production plant from the supplier to deliver to the production plant in a manner that aims to reduce the transportation costs for the whole system. The reoptimized routing is executed when new information is found. The information that is updated is obtained from the web application and the reoptimization process is executed using the MDE algorithm developed to provide the solution to the problem. Generally, the original DE comprises of four steps: (1) randomly building the initial set of the solution, (2) executing the mutation process, (3) executing the recombination process, and (4) executing the selection process. Originally, for the selection process in DE, the algorithm accepted only the better solution, but in this paper, four new selection formulas are presented that can accept a solution that is worse than the current best solution. The formula is used to increase the possibility of escaping from the local optimal solution. The computational results show that the MDE outperformed the original DE in all tested instances. The benefit of using real-time decision-making is that it can increase the company’s profit by 5.90% to 6.42%. Full article
Open AccessArticle
The Study on the Difference in Corporate Performance and Employment Outcomes According to the Results of Equity-Based Crowdfunding Investment
J. Open Innov. Technol. Mark. Complex. 2019, 5(4), 83; https://doi.org/10.3390/joitmc5040083 - 12 Oct 2019
Viewed by 176
Abstract
The purpose of this study is to identify the difference in firm performance and employment growth between successful and failed capital procurement through equity-based crowdfunding. We conduct an empirical analysis using entire crowdfunding projects that attempted to raise capital through equity-based crowdfunding in [...] Read more.
The purpose of this study is to identify the difference in firm performance and employment growth between successful and failed capital procurement through equity-based crowdfunding. We conduct an empirical analysis using entire crowdfunding projects that attempted to raise capital through equity-based crowdfunding in South Korea in 2016. We summarize our findings as follows. Descriptive statistics show that the survival rate, sales growth rate, profitability growth, absolute employment growth, and employment growth rate of companies with successful crowdfunding are higher than those of companies with failed crowdfunding. However, from the difference analysis, we do not find a significant difference in the survival rate, sales growth rate, and profitability growth between companies with crowdfunding success and companies with crowdfunding failure. We find that the absolute employment growth and employment growth rate are significantly higher for companies that succeeded in crowdfunding projects compared to companies that did not. In this study, we find that the characteristics of these firms that are conducting or verifying new projects through equity-based crowdfunding financing are similar to those of prior studies results confirming the short-term effects of entrepreneurial activities or new business activities on economic performance and employment growth. In particular, it is very meaningful to confirm that the direct effect of employment growth is also found in start-up firms that raise capital through equity-based crowdfunding. By investigating the difference in firm performance and employment outcomes according to the results of equity-based crowdfunding investment, this study provides useful insights to investors for their efforts to validate participation in crowdfunding. Also, our study raises important policy implications for regulators in their efforts to resolve unemployment and the lack of capital problem for startups and new businesses. Full article
Open AccessArticle
Comparing National Innovation System among the USA, Japan, and Finland to Improve Korean Deliberation Organization for National Science and Technology Policy
J. Open Innov. Technol. Mark. Complex. 2019, 5(4), 82; https://doi.org/10.3390/joitmc5040082 - 09 Oct 2019
Viewed by 128
Abstract
As the Korean government expands the budget for national research and development, the need for an institute that deliberates, coordinates, and operates research development and its budget has increased. In response to these demands, the National Science and Technology Council (NSTC) was recently [...] Read more.
As the Korean government expands the budget for national research and development, the need for an institute that deliberates, coordinates, and operates research development and its budget has increased. In response to these demands, the National Science and Technology Council (NSTC) was recently established. However, to achieve a creative economy, which is the economic system where value is based on novel imaginative qualities rather than the traditional resources of land, labor, and capital, more efficiently, fundamental research regarding the current state of the Korean national administration system of science and technology in Korea is required. Accordingly, this study first analyzes the function and organizational structure of the NSTC in Korea. Second, it investigates the current state of the NSTC in other countries. Finally, the study derives several implications for improving NSTC operation based on the benchmarking study and suggests an operational improvement plan for NSTC with respect to enhancement of function, operation of organization, human resource management, and improvement of the relationships between other departments. The study contributes to analyze the current state of the NSTC in Korea and science and technology (S&T) Councils in other major countries, systematically and in detail. In addition, based on benchmarking study, this study derived operational improvement of NSTC in Korea with four perspectives, including enhancement of function, operation of organization, human resource management, and improvement of the relationships between other departments. Full article
(This article belongs to the Special Issue Technology Driven Innovation, Research Management and Policy Making)
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Open AccessArticle
Artificial Intelligence Modelling Framework for Financial Automated Advising in the Copper Market
J. Open Innov. Technol. Mark. Complex. 2019, 5(4), 81; https://doi.org/10.3390/joitmc5040081 - 09 Oct 2019
Viewed by 108
Abstract
Financial innovation by means of Fintech firms is one of the more disruptive business model innovations from the latest years. Specifically, in the financial advisor sector, worldwide assets under management of artificial intelligence (AI)-based investment firms, or robo-advisors, currently amount to US$975.5 B. [...] Read more.
Financial innovation by means of Fintech firms is one of the more disruptive business model innovations from the latest years. Specifically, in the financial advisor sector, worldwide assets under management of artificial intelligence (AI)-based investment firms, or robo-advisors, currently amount to US$975.5 B. Since 2008, robo-advisors have evolved from passive advising to active data-driven investment management, requiring AI models capable of predicting financial asset prices on time to switch positions. In this research, an artificial neural network modelling framework is specifically designed to be used as an active data-driven robo-advisor due to its ability to forecast with today’s copper prices five days ahead of changes in prices using input data that can be fed automatically in the model. The model, tested using data of the two periods with a higher volatility of the returns of the recent history of copper prices (May 2006 to September 2008 and September 2008 to September 2010) showed that the method is capable of predicting in-sample and out-of-sample prices and consequently changes in prices with high levels of accuracy. Additionally, with a 24-day window of out-of-sample data, a trading simulation exercise was performed, consisting of staying long if the model predicts a rise in price or switching to a short position if the model predicts a decrease in price, and comparing the results with the passive strategies, buy and hold or sell and hold. The results obtained seem promising in terms of both statistical and trading metrics. Our contribution is twofold: 1) we propose a set of input variables based on financial theory that can be collected and fed automatically by the algorithm. 2) We generate predictions five days in advance that can be used to reposition the portfolio in active investment strategies. Full article
(This article belongs to the Special Issue Business Model Innovation)
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Open AccessArticle
Antecedents of Technological Diversification: A Resource Dependence Logic
J. Open Innov. Technol. Mark. Complex. 2019, 5(4), 80; https://doi.org/10.3390/joitmc5040080 - 07 Oct 2019
Viewed by 159
Abstract
This paper extends resource dependence logic by investigating the antecedents of technological diversification and further identifies its boundary condition. We argue that this resource dependence logic is bound by state ownership through coalitions with firms, a less discussed component of interdependence. The empirical [...] Read more.
This paper extends resource dependence logic by investigating the antecedents of technological diversification and further identifies its boundary condition. We argue that this resource dependence logic is bound by state ownership through coalitions with firms, a less discussed component of interdependence. The empirical results, based on a panel data analysis of Chinese listed firms, suggest that environmental dynamism positively relates to technological diversification, while environmental munificence negatively relates to technological diversification. These relationships changed when state ownership is considered. The theoretical implications for resource dependence theory and diversification research are discussed. Full article
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Open AccessArticle
Lean Smart Manufacturing in Taiwan—Focusing on the Bicycle Industry
J. Open Innov. Technol. Mark. Complex. 2019, 5(4), 79; https://doi.org/10.3390/joitmc5040079 - 05 Oct 2019
Viewed by 214
Abstract
Industry 4.0, started in Germany in 2011, was fervently promoted by various advanced countries and followed by the introduction of “smart manufacturing”. As an innovative strategy of the manufacturing industry “smart manufacturing” has attracted considerable attention in the field of academics and practice. [...] Read more.
Industry 4.0, started in Germany in 2011, was fervently promoted by various advanced countries and followed by the introduction of “smart manufacturing”. As an innovative strategy of the manufacturing industry “smart manufacturing” has attracted considerable attention in the field of academics and practice. However, the issues of huge investment and differentiation of individual enterprises have created a big gap between policy promotion and production at the site of actual industrial manufacturing and resulted in limited progress in smart manufacturing. In view of the situation, the authors have previously developed in relation to the practice of individual companies in the industry a practical structure of “Lean Smart Manufacturing: a conceptual framework and solution based co-creative platform” combining Lean Production with smart manufacturing to achieve customer value. In addition to filling the gap between government policy and industry in Industry 4.0, the practical structure suggests the possibility of balancing differentiation and open innovation. Taiwan’s bicycle industry is one of Taiwan's most internationally competitive industries. GIANT, the leading manufacturer of bicycles in Taiwan, has been actively promoting TPS since 2000. With the development of Industry 4.0, GIANT has been working on the application of Industry 4.0 related technologies in order to further enhance customer value. In the application of the practical structure of “Lean Smart Manufacturing”, there are few cases of corporate practice. This study focuses on the A-Team which is constructed by the bicycle industry in Taiwan and GIANT for empirical research, to see how GIANT implement the “Lean Smart Manufacturing” and construct the co-creative platform, to balance differentiation and open innovation, then strengthen its competitiveness. The research results show that although this case is still in the development stage, it has the basic form of “Lean Smart Manufacturing: a conceptual framework and solution based co-creative platform”. This case, as we advocate the use of differentiated advantages of “Lean Smart Manufacturing”, pragmatically from the establishment of the smart factory platform on the physical system, gradually extended to the strategic co-creative platform of the cyber system. Full article
Open AccessArticle
Problem-Solving Design-Platform Model Based on the Methodological Distinctiveness of Service Design
J. Open Innov. Technol. Mark. Complex. 2019, 5(4), 78; https://doi.org/10.3390/joitmc5040078 - 05 Oct 2019
Viewed by 196
Abstract
This study explores the differentiated properties of service design in the context of the final value pursued by this methodology, avoiding the interpretation of pending issues to which service design is applied. First, the following were identified as the core properties of service [...] Read more.
This study explores the differentiated properties of service design in the context of the final value pursued by this methodology, avoiding the interpretation of pending issues to which service design is applied. First, the following were identified as the core properties of service design, differentiated from other design methodologies: “Design Thinking”, a creative problem-solving process; “User Experience Value”, the pursued goal; “Participatory Design”, a practical research methodology; and “Interaction between Users and Providers”, the core research scope of pending issues. Second, the study proposed a six-step service design process model based on the interrelationships between these properties. The “problem recognition” step identified a decline in the quality of user experiences and forms a self-awareness of dissatisfaction. Next, the “problem understanding” step conducts multidisciplinary cooperative research on dissatisfaction. Subsequently, the “problem deduction” step determines users’ unsatisfied desires through visualization of the core pending issues, and the “problem definition” step performs creative conception activities with problem-solving approaches for the unsatisfied desires. Further, the “problem-solving” step develops service design models, and finally, the “problem-solving strategy check” step confirms the utility of the models in a real-world application. Full article
(This article belongs to the Special Issue Business Model Innovation)
Open AccessArticle
Critical Factors Affecting Sustainable Success of Social Service Systems
J. Open Innov. Technol. Mark. Complex. 2019, 5(4), 77; https://doi.org/10.3390/joitmc5040077 - 29 Sep 2019
Viewed by 134
Abstract
Increasing demand for various social services in accordance with the global social change in time requires a systematic and efficient system based on a user-oriented policy operation method beyond an administrative operation method of social services. Therefore, this study aimed to present a [...] Read more.
Increasing demand for various social services in accordance with the global social change in time requires a systematic and efficient system based on a user-oriented policy operation method beyond an administrative operation method of social services. Therefore, this study aimed to present a specific direction for the development of the social service system by empirically deriving and discussing the critical factors that can lead to sustainable success of the social service system. To this end, 12 factors in 3 areas were critically analyzed through a questionnaire survey and analysis on the basis of the Analytic Hierarchy Process (AHP) method for the social service workers and users of the 50 Plus Foundation, an organization that helps the elderly in Seoul to continue their social participation. The analysis results confirmed that the service delivery system was the most important factor among the service delivery system, service administration, and service network, and, in particular, factors for users’ active system access, such as accessibility and participation possibility, were the most influential factors for sustainable success of the social service system. Ultimately, unlike in the past, system development and direction should be sought by considering service users rather than a one-sided policy approach of the government for the development and operation of the social service system. Full article
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Open AccessArticle
The Identification of Opportunities for Innovations through Collecting Problems from Citizens
J. Open Innov. Technol. Mark. Complex. 2019, 5(4), 76; https://doi.org/10.3390/joitmc5040076 - 26 Sep 2019
Viewed by 140
Abstract
Customer engagement in different phases of creation of new products and services is argued to be a significant success factor by some scholars and practitioners, and unnecessary—by others. The paper analyses the findings of a pilot study, conducted with the intention to see [...] Read more.
Customer engagement in different phases of creation of new products and services is argued to be a significant success factor by some scholars and practitioners, and unnecessary—by others. The paper analyses the findings of a pilot study, conducted with the intention to see whether ordinary citizens from different countries could highlight problems which really could bring forth ideas for innovative products or services. The data were collected via electronic survey with the further qualitative content analyses of the problems that, to the respondents’ minds, are worth solving. The expert group analysis of the ideas which derived from the problems was conducted to decide the feasibility of the approach, whose efficiency was concluded not to be high. Reliability and consistency of the experts’ assessments were tested using statistical software SPSS 20 based on the correlation analysis of five criteria—usefulness, social impact, customer base, frequency of use, and novelty. The research revealed 16 groups of problems. Full article
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Open AccessArticle
Erosion of Complement Portfolio Sustainability: Uncovering Adverse Repercussions in Steam’s Refund Policy
J. Open Innov. Technol. Mark. Complex. 2019, 5(4), 75; https://doi.org/10.3390/joitmc5040075 - 26 Sep 2019
Viewed by 179
Abstract
Maintaining a consistently trending portfolio of complements is vital to sustaining platform leadership. Prior research has highlighted the value of open innovation, but has largely disregarded the strategic identification and management of distinctive complements that drive extended platform value, particularly via platform policy [...] Read more.
Maintaining a consistently trending portfolio of complements is vital to sustaining platform leadership. Prior research has highlighted the value of open innovation, but has largely disregarded the strategic identification and management of distinctive complements that drive extended platform value, particularly via platform policy modifications. The relevance of prior research around influential policies such as refund leniency becomes largely irrelevant once applied to platform conditions. Utilizing Steam as the medium of analysis, this paper distinguishes complements into three classifications of sustainability, representing its contribution to developing platform leadership. Steam’s refund policy alteration is investigated for its effects on refund revenue reductions and additional demand on each classification, assessed using an indirectly related linear regression between playtime distribution and game age, and a binomially distributed t-test on the percentage of favorable games. The results reveal that, while all patterns experience significant volumes of refunds, corresponding revenue enhancements are perceived only among unsustainable games. This creates a disadvantageous foundation for high-value complements and consequently, an unforeseen disincentive for association, potentially inciting preferential linkage with competitors. This paper further proposes a precedent for future open innovation and platform management research, where complements of highest relevance are identified and granted heightened priority to protect their sustainability. Full article
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Open AccessArticle
Comparing Data-Driven Methods for Extracting Knowledge from User Generated Content
J. Open Innov. Technol. Mark. Complex. 2019, 5(4), 74; https://doi.org/10.3390/joitmc5040074 - 24 Sep 2019
Viewed by 209
Abstract
This study aimed to compare two techniques of business knowledge extraction for the identification of insights related to the improvement of digital marketing strategies on a sample of 15,731 tweets. The sample was extracted from user generated content (UGC) from Twitter using two [...] Read more.
This study aimed to compare two techniques of business knowledge extraction for the identification of insights related to the improvement of digital marketing strategies on a sample of 15,731 tweets. The sample was extracted from user generated content (UGC) from Twitter using two methods based on knowledge extraction techniques for business. In Method 1, an algorithm to detect communities in complex networks was applied; this algorithm, in which we applied data visualization techniques for complex networks analysis, used the modularity of nodes to discover topics. In Method 2, a three-phase process was developed for knowledge extraction that included the application of a latent Dirichlet allocation (LDA) model, a sentiment analysis (SA) that works with machine learning, and a data text mining (DTM) analysis technique. Finally, we compared the results of each of the two techniques to see whether or not the results yielded by these two methods regarding the analysis of companies’ digital marketing strategies were mutually complementary. Full article
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Open AccessArticle
Factors Affecting the Outbound Open Innovation Strategies in Pharmaceutical Industry: Focus on Out-Licensing Deal
J. Open Innov. Technol. Mark. Complex. 2019, 5(4), 73; https://doi.org/10.3390/joitmc5040073 - 23 Sep 2019
Viewed by 189
Abstract
The pharmaceutical industry is a high-technology industry that requires a combination of in-depth knowledge from various fields. It is characterized by high cost, high risk and a long-term perspective due to the high level of regulation. In addition, it is known that research [...] Read more.
The pharmaceutical industry is a high-technology industry that requires a combination of in-depth knowledge from various fields. It is characterized by high cost, high risk and a long-term perspective due to the high level of regulation. In addition, it is known that research and development (R&D) productivity is deteriorating in the industry. Under these conditions, the importance of open innovation strategies has been emphasized. Under an open innovation system, it is essential for firms to develop several dynamic capabilities to effectively manage their resources both internally and externally. Using a systematic framework of dynamic capabilities suggested by previous studies, this study focuses on the determinants affecting firms’ desorptive capacities, which are measured as the number of out-licensing deals, as an indicator for the performance of their outbound innovation. For the analysis, negative binomial regression is employed and inventive capacity and connective capacity are selected as the determinants of the licensors’ desorptive capacity. The results of regression analysis reveal that inventive capacity does not have a significant effect on desorptive capacity and that only connective capacity has a significant positive effect on desorptive capacity. Full article
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