Perceived innovation barriers and open innovation performance: insights from Korea

The innovation system is failing because of its structural problems, blocking its creation and spread. In order to overcome such systemic failures, it is imperative that the existing system's shortcomings be analysed and solved all the while creating new system and structure in which innovation actors can expedite innovation. Therefore, this study aims to identify the factors that promote and inhibit innovation performance in Korean companies and suggest amendments to the existing policy and regulations. In conclusion, the result of this study should be taken into account for revising and improving the existing environment. We suggest that the policy and law be amended as to allow support based on the size of the business and create new infrastructure, and policy institution that reduce the possibility of systemic failures in innovation.