What is "value" in open innovation?

This paper draws attention to value in open innovation. It reveals how scattered the understanding is of what values are created in open innovation and for whom they arecreated. Based on a systematic analysis of papers that discuss both open innovation and value, we propose an analytical framework including two dimensions; type of value - monetary / non-monetary, and the beneficiary of that value - a single stakeholder or collective group of stakeholders. As such, the framework contributes to the theorizing of open innovation since it brings together both the “chesbroughian” and “von hippelian” perspectives on open innovation and deconstructs the notion of value in the context of open innovation. While not considered a practical tool, the analytical framework directsmanagers towards the benefits of open innovation and enables a more informed dialogue with existing as well potential collaborating parties