Purpose: The purpose of this paper is to examine the performance of firms in Peru in relation to open innovation. Design/methodology/approach: Data were acquired through a survey of Peruvian middle and senior managers. Findings: Peruvian firms engaged in open innovation did report higher sales growth. The study indicated that involvement in open innovation included activities to reduce operating costs and improve internal processes, as well as exploiting the process to assist the development of new or improved products. Practical implications: The practical implications of this paper, although restricted to Peruvian organizations, suggest that firms operating in an emerging economy may find involvement in open innovation which is an effective strategy for enhancing organizational performance. Originality/value: The originality of the paper is the focus on open innovation in an emerging economy. © Emerald Group Publishing Limited.