By opening their business models through economic transactions, companies can be more effective in creating as well as capturing value. The recent emphasis on networked business models reflects that single companies cannot possibly master all the significant resources needed in R&D, production, and marketing. Recent data demonstrate that the number of alliances per firm has gone up significantly, and it is common for large firms to manage over 500 alliances simultaneously (Hagedoorn et al. The sale, licensing, and trading of technology have become a large-scale activity. Thus, companies need to develop business models that realize the value potential of novel technologies (Chesbrough and Rosenbloom 2002) in uncertain contexts.
The term ‘global innovation arms race’ was used to highlight the competitive pressure that forces firms to accelerate their rates of innovation in products, services, and business models to keep up with others.
Entrepreneurs have to keep up today with an ever more complex, global, and dynamic environment.
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