In today's hyper-competitive markets, product innovation isn't just an advantage—it's a necessity for survival. But how can firms consistently develop new products that truly hit the mark?

This episode dives deep into a groundbreaking study that uncovers the powerful interplay between strategic foresight, knowledge management (specifically knowledge exploration and exploitation), and open innovation in driving new product development (NPD) success.

We'll explore how strategic foresight directly impacts open innovation, enabling firms to anticipate future trends and proactively shape their innovation efforts. Discover the crucial, balanced roles of knowledge exploration and exploitation in fostering open innovation and achieving optimal NPD outcomes. Most importantly, we'll reveal why open innovation acts as a critical mechanism linking foresight and knowledge management to significantly improve NPD performance, moving beyond traditional internal-only approaches.

Based on empirical data collected from 298 technology-based firms in rapidly developing economies like Lithuania and Slovakia, this research extends the Knowledge-Based View (KBV) of the firm by emphasizing the vital integration of external knowledge with internal processes.

Tune in to learn practical recommendations for managers on how to prioritize foresight activities, implement balanced knowledge management practices, and effectively leverage strategic alliances and networks to enhance their firm's innovation capabilities and achieve sustained competitive advantage. Understand this integrated approach to innovation and get a clear roadmap for improving your new product development performance through collaborative strategies in dynamic business environments.

Ref: https://doi.org/10.1016/j.jik.2025.100654