The DGIST (President Kunwoo Lee) ABB Research Department’s team, led by Principal Researcher Jinhyo Yun (including Senior Researcher Hyobi Cho and others), conducted a study with Professor Bonghwan Kim’s research team from Seoul National University and the Patent Data Analysis Team from the Korea Institute of Science and Technology Information (Dr. Euiseop Jung) on discovering signals of open innovation in companies’ financial data. Their findings have been published in Science, Technology, and Society, a world-renowned journal in the field of technology and society published by SAGE.
Owing to digital transformation, various forms of open innovation are rapidly increasing. Consequently, both nations and companies need tools to analyze and understand the domains of open innovation policies or corporate strategy without investing large budgets or significant amounts of time.
Thus, this research team conducted a study titled “Open Innovation Signals: Exploring the Financial Data with Patents,” demonstrating that companies’ financial statements can be used to gauge the presence and direction of their open innovation strategies.
Dr. Jinhyo Yun’s research team investigated the financial and patent data of companies to determine whether they were adopting open innovation strategies. By cross-analyzing the companies’ basic financial statements, such as investments in subsidiaries and affiliates, internal R&D investment, and surplus cash flow, with the companies’ patents, they identified signals of inbound, outbound, and bidirectional open innovation.
DGIST Principal Researcher Jinhyo Yun (who also serves as the head professor at the Open Innovation Academy), who led this research, has been studying the field of open innovation for nearly 20 years. As the publisher and Editor-in-Chief of the Journal of Open Innovation: Technology, Market, and Complexity, the world’s leading journal on open innovation strategies, he leads this field of research both domestically and internationally.
Principal Researcher Jinhyo Yun stated, “This study, which draws on years of research from its beginning in 2021 and publication online in May 2024, lays the foundation for research examining open innovation using financial statements.” He added, “We hope that subsequent studies will develop scientific methods to measure, analyze, and predict companies’ open innovation by using financial statements, thereby maximizing the effects of digital transformation across all industries.”
This study was published in the first week of May 2024 in the online edition of Science, Technology and Society, a world-class journal in the field of science, technology, and society published by SAGE.
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