The purpose of this paper is to examine settings for the Open Innovation Arena. In greater depth, this paper aims to analyse and reveal which factors influence the formation of an appropriate arena for doing open innovation and furthermore to prescribe how a firm can create an effective arena to gain access to external knowledge. This paper presents a review on open innovation literature with the purpose of examining the current understanding of factors influencing a firm's capacity to embrace and practice open innovation as well as understanding what is critical when fitting outside systems. It presents the results of a survey conducted among 25 researchers from INESC TEC, the Portuguese Institute for Systems and Computer Engineering, Technology, and Science. The study concludes that conditions, namely culture, leadership and strategy, are the main drivers to an open innovation arena, highlighting culture as the most important one. Highlights Nowadays, the goal of each organisation is to conquest competition and to win new customers. Firms must create physical locations where collaboration is encouraged. Companies must be able to diagnose, measure and question its innovation performance and potential. The Innovation Scoring System impacts a firm's capacity to embrace and practice open innovation; Impacting factors on Innovation Scoring System: Conditions, Resources, Processes and Results. Open Innovation is a powerful tool for the sustainable development of the companies.