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Roger J. Calantone and Hang T. Nguyen

Open Innovation refers to the innovation process in which firms interact extensively with their environment, leading to a significant amount of external knowledge exploration and exploitation. As an emerging important business paradigm, Open Innovation has its own unique characteristics compared to the traditional Closed Innovation and thus poses tremendous opportunities and challenges for the innovative firms. This chapter provides a thorough review of the Open Innovation literature and discusses the significant role of strategic brand management in forming, developing, and managing successful Open Innovation.