Abstract:

Companies are constantly faced with the challenge of gaining competitive advantage over competitors. Developing that special edge may mean survival for some of a way to stay on the top of the competition for others. A critical ingredient for staying on the top is an innovation. To be innovative is seeing things from new angles, having broad perspectives, taking risks and being flexible. Managing the process of innovation in the companies is great and endless topic of contemporary business. Globally successful companies create the conditions deliberately to enable ideas within the company not only formed, but to be implemented and to become the competitive advantage. Innovation is still seen as a critical drive of economic performance. Main output of this paper is created process of implementation of open innovation which can help gain competitive advantage for a company. Process covers all phases of implementation of innovation. Process can be extended or adapted to the individual needs of concrete situation in concrete company or public institution.