Open Innovation as a Strategy to Sustainably Compete in the Textile Industry

Abstract

Innovation is crucial for business in order to meet consumers' needs and stakeholders' expectations. Innovation emerges as a must for all activity sectors, including the textile industry. Change can be an opportunity for organizations that present competitive advantages and new solutions. However, not all changes are directly visible, and innovation by nature is impossible to quantify and measure. This intangibility requires tools to help managers monitor the results of their investment. The present study applies the Innovation Scoring 1.0, a Portuguese tool for companies to self-evaluate in what concerns innovation, efficiency, and profitability improvement. It is structured in three main sections: literature review, case study, and conclusions. The study showed that a company may improve its results through open innovation, being leadership, and organizational culture determinants in the process.