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What are the key factors that influence entrepreneurial opportunity recognition in relation to intellectual capital and open innovation?

Futures studies

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Entrepreneurship

Openness to experience

Quality (philosophy)

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Entrepreneurial opportunity recognition is influenced by various factors, including intellectual capital, open innovation, and foresight . Intellectual capital, comprising relational, social, and structural capital, enhances opportunity recognition by fostering open sustainability innovation in small- and medium-sized enterprises (SMEs) . Additionally, the application of foresight plays a crucial role in identifying entrepreneurial opportunities, as individuals tend to be future-oriented during opportunity recognition, leading to the identification of more and better opportunities . Moreover, the quality of entrepreneurship, influenced by institutional factors like quality of institutions and social openness, mediates the relationship between opportunity recognition and innovation, highlighting the importance of the environment in entrepreneurial processes .

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Journal Article•DOI Sustainable entrepreneurship: Factors influencing opportunity recognition and exploitation Sumit Kumar Sarma, Sharmin Attaran, Mohsen Attaran - Show less +2 more 11 Apr 2022-The international journal of entrepreneurship and innovation 2 Citations	Factors influencing sustainable opportunity recognition include internal and external aspects. The study focuses on sustainable entrepreneurship, not specifically on intellectual capital and open innovation. "Not addressed in the paper."
Open access•Posted Content•DOI Entrepreneurial Foresight: Role of Foresight in Entrepreneurial Opportunity Recognition Swan D.i. 06 Dec 2022	Not addressed in the paper.
Journal Article•DOI The Role of Opportunity Recognition in Promoting Quality Entrepreneurship 01 Aug 2022	Opportunity recognition in entrepreneurship is influenced by the quality of institutions, social openness, and the mediating role of entrepreneurship quality, as highlighted in the study.
Open access•Posted Content•DOI Entrepreneurial Foresight: Role of Foresight in Entrepreneurial Opportunity Recognition Swan D.i. 06 Dec 2022	Not addressed in the paper.

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By what percentage does opportunity recognition enhance an entrepreneurs success?4 answersOpportunity recognition significantly enhances an entrepreneur's success. Research indicates that the quality of entrepreneurship mediates the relationship between opportunity recognition and innovation, with institutional factors like the quality of institutions and social openness further enhancing this effect. Factors such as prior knowledge, cognitive capabilities, and information scanning play crucial roles in facilitating entrepreneurs to identify and recognize opportunities. Additionally, the ability to recognize entrepreneurial opportunities is influenced by alertness, prior knowledge or experience, and social networks, which are key factors determining the success of opportunity recognition. Overall, the combination of recognizing opportunities, leveraging prior knowledge, and utilizing social networks can significantly impact an entrepreneur's success, potentially leading to improved performance in small and medium enterprises.

What is the relationship between Open innovation and Intellectual Property?4 answersOpen innovation (OI) is a model of innovation that is increasingly being adopted across industries. It involves collaborating with external organizations to develop new products and technologies. The protection of intellectual property (IP) in open innovation is complex, but studies suggest that OI can actually provide "informal" protection of IP, especially in developing economies with weak formal institutional protection. However, a sound IP management policy is still crucial for organizations engaging in OI to ensure their sustained growth. Assessing the risks involved in IP management and implementing appropriate IP management strategies are important for sufficient protection of IP created in an OI model. Open innovation also plays a critical role in various applications of industry-specific concepts, and patent-based research is required to enable research on an open innovation-based approach. Overall, open innovation and intellectual property are closely intertwined, with OI driving the need for IP protection and providing both formal and informal mechanisms for protecting IP.

What are the factors that influence the success of open innovation?4 answersThe success of open innovation is influenced by several factors. These include the organization's strategy and culture, ecosystem capability, internal capability, and technology enablement. Balancing internal and external knowledge is crucial for increasing innovation potential and profitability. Start-ups can benefit from open innovation by sharing and exploiting knowledge with third parties, overcoming initial barriers, and increasing their chances of a profitable and sustainable future. The design elements of open innovation events, the intrinsic motivation of solvers, and the capacity to interact with the innovation ecosystem also impact the outcomes of open innovation. Open innovation allows for the improvement of innovation processes, meeting user requirements, and obtaining financial and other benefits.

What are the implications of open innovation for entrepreneurial success in different industries and sectors?5 answersOpen innovation has implications for entrepreneurial success in different industries and sectors. It allows enterprises to utilize both internal and external resources, promoting the commercial application of innovation achievements. In the manufacturing sector, there is a tendency to adopt both inbound and outbound open innovation practices, while service industries are more inclined to adopt inbound open innovation. Collaboration with various open innovation partners, including universities, customers, NGOs, and intermediaries, can improve economic and sustainability innovation performance. High-tech enterprises, which are the main force of enterprise innovation, can benefit from open innovation to coordinate internal and external resources and enhance their competitiveness. However, not all indicators of inbound and outbound open innovation have a positive impact on the discovery and exploitation of entrepreneurial opportunities.

What is entrepreneurial openness?5 answersEntrepreneurial openness refers to a positive personal cognitive strength exhibited by entrepreneurs, which includes engaging in learning, searching for novelty, and seeking feedback. It is a construct that helps understand the impact of an entrepreneur's personality on the performance of a small firm. Entrepreneurial openness is related to an entrepreneur's creativity and creative personality, which are essential for company growth. It has been empirically tested and validated as a reliable and valid construct, showing its utility in explaining firm performance. Openness is positively related to entrepreneurial curiosity, and entrepreneurial curiosity is positively related to company growth. Therefore, entrepreneurial openness plays a crucial role in fostering innovation, identifying new opportunities, and contributing to the growth and success of entrepreneurs.

Is opportunity recognition element of entrepreneurial ecosystem?2 answersOpportunity recognition is an essential element of the entrepreneurial ecosystem. It is the first step in venture creation and business development. Previous research has shown that individuals apply foresight to identify entrepreneurial opportunities. Factors such as gender and family business background can also influence opportunity recognition. The literature on opportunity recognition focuses on its antecedents and determinants, including personal, organizational, and environmental factors. Understanding and studying opportunity recognition is crucial for sustainable economic development and entrepreneurship.

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