Given the paradigm shift from “Closed Innovation” to “Open Innovation”, there seems to be a need for a systematic mechanism for exploring
and evaluating alternative external technologies, as well as the business models that may be appropriate for capturing value from such
technologies. Although Traditional Technology Roadmapping (TTRM) used to play an important role in this regard, analyzing its utility
in the context of Open Innovation reveals some shortcomings that need to be addressed in order to make the most of Technology
Roadmapping (TRM) concept. This paper elaborates on these limitations and suggests a modified approach, Open Innovation Roadmapping (OIRM),
as an effective technological innovation management and planning tool in this new paradigm. The results of the application of the proposed approach
in the case of the membrane technology roadmapping at the Research Institute of Petroleum Industry are also presented here. Further practical
guidelines are also raised by the authors to give a more practical vision on the approach.