Our findings can inform firm strategy. They give top management evidence to help them make the case and defend the pursuit of multiple, that is, both economic and social goals, toward their board or their investors. Boards and investors often push CEOs, top management teams, and entrepreneurs to focus their attention solely on economic goals for fear of inefficiencies (e.g., Reymen et al., 2015). Based on our findings, they would be better off ad- vising CEOs, top management, and entrepreneurs to pursue a strategy that strongly endorses both eco- nomic and social goals, especially for firms engaging in innovation. Conversely, our findings also suggest that firms that are solely focused on economic goals might be best advised to focus their open innova- tion efforts on sourcing information from various external sources but stay away from collaboration efforts that require closer engagement with diverse stakeholders.