Cocreating Value Through Open Circular Innovation Strategies: A Results‐Driven Work Plan and Future Research Avenues

ABSTRACT For the time being, there is limited research focused on open innovation approaches that promote the development and growth of stakeholder‐driven circular economy models. This article addresses this knowledge gap. Its objectives are threefold: Firstly, it describes key elements of open innovation and circular value cocreation. Secondly, it utilizes the findings from a comprehensive systematic review to identify opportunities and challenges related to the open circular innovation paradigm. Thirdly, it presents theoretical implications and an action plan, alongside future research avenues, that highlight the importance of engaging in collaborative behaviors with stakeholders. It emphasizes a cocreation culture that encourages the sharing of resources, competencies, and capabilities, while safeguarding the organizations' intellectual properties. Such practices aim to foster coupled innovation and support circular economy strategies like resource recovery, reverse logistics, and industrial symbiosis, among others. Unlike many other articles, this contribution clearly specifies that there is scope for practitioners to develop circular economy ecosystems that increase the practitioners' bottom lines, while reducing their environmental impacts.