This contribution assesses potentially necessary development of IC theory considering the state of practice in the field with regards to the challenges posed by OI. Especially small and medium sized companies are affected by this issue. Being highly vulnerable to knowledge loss in general, they might also profit the most from the paradigm shift initiated by H.W. Chesbrough. Companies need decision making support about chances and risks related to knowledge flows when applying OI. Therefore understanding of the relevance of particular intangible resource in OI processes and their impact on the company's innovation performance is important.