According to Ranga (2010), it is recognized broadly that there is a lack of measures applicable for the regional development based on knowledge, given the fact that the conditions will be widely different in varied regions of the globe. The argument’s crux is that recommended best practices are aligned very hardly to the earlier stages of development with the articulation of the knowledge. Hence, it is considered better that a model is adapted from the initiation formation phase of cases that are successful while considering the opportunities and weaknesses of the own region.
This is to conclude from the perspective of this paper that open innovation has an essential role to play when it comes to the emerging markets. Also open innovation helps the emerging economies in various ways (Moensted, 2010). This is because of several factors that this research proposal has undertaken. Collaborative orientation within open innovation is also the key requirement for gaining enhanced benefits from open innovation influence.
However, this research might be limited in the sense that only a small study will be conducted in this research. Open innovation is a vast domain. It involves several perspectives and is also inclusive of varied elongations (Mohannak, 2007). The focus needs to be on evaluating the consensus that lies in open innovation with regard to the emerging markets. The research can be made more credible by conducting interviews and generating a questionnaire. Sample population can be taken as 100 as this will help in generalizing the study results.