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Breaking Waves : New Energy’s Open Innovation Strategy for Shaping the Maritime Industry : An Exploratory Case Study

Hansen, Kristin Hagerupsen; Thomsen, Marte
Master thesis
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URI
https://hdl.handle.net/11250/3096363
Date
2023
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  • Master Thesis [4657]
Abstract
This thesis explores how an established firm can leverage an organizational setup for open

innovation, in order to become more sustainable. The phenomenon is investigated through an

exploratory case study, examining New Energy, a company owned by the established

Wilhelmsen group. Through semi-structured interviews and observation, the findings are

related to the literature on open innovation, corporate venture capital, and innovation at the

edge.

The study’s findings are twofold. Firstly, the study identifies how New Energy’s setup and

dynamics align with the open innovation approach. New Energy was established as an open

innovation initiative, leveraging its network by opening its company borders and accessing

resources from internal and external actors. By effectively balancing an external and internal

focus, New Energy creates a unique opportunity to access diverse resources, fostering

industrial synergies and collaborations that contribute to Wilhelmsen’s sustainability agenda.

The study also suggests that New Energy’s dual focus reduces resistance within Wilhelmsen

and is beneficial when establishing relationships with external partners.

Secondly, the findings demonstrate how New Energy encompasses elements from literature on

both corporate venture capital and innovation at the edge, with a stronger alignment with the

edge approach. In line with the edge literature, New Energy has an external focus and pursues

innovative projects alongside Wilhelmsen’s traditional operations. In addition, New Energy

experiences capital restrictions, incentivizing the company to utilize its network. However, the

findings also reveal some unique features not extensively covered in existing literature. These

distinctive features are primarily linked to the New Energy team, as New Energy focuses on

having passionate people with a wide range of competencies. This has led to close team

dynamics and enables New Energy to access valuable resources in the network. Additionally,

the Executive Vice President’s characteristics and position in the group management team

contribute to a close relationship with Wilhelmsen. These features are important in New

Energy’s efforts to shape the maritime industry.

Overall, the findings provide valuable insights into the innovative characteristics of New

Energy, contributing to a more comprehensive understanding of how established firms can

respond to a changing business environment.

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