Abstract

The author begins the article with the presentation of sources and factors that contribute to firm innovation. Second, he uses the contingency theory of firm innovation as the intellectual underpinning for the analysis in this paper. Third, the author discusses how exemplary innovators find their creative ideas. Fourth, he analyzes the role of strategic networks in fostering external innovation. Fifth, he outlines how exemplary innovators match their strategies with their innovation ecosystem and leverage open-market innovation as critical sources of competitive advantage. Sixth, the author examines the relationship between exemplary innovators and their customers in harnessing innovation, and in dealing with partnership challenges to accelerate innovation.  He concludes the paper by outlining strategies for would-be innovators wishing to adopt the concepts of ecosystem and open-market innovation in other to create value for themselves and for their external partners.

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