The transition towards a bioeconomy is increasingly viewed by both policy makers and scholars as one of the primary ways to reduce our dependency on fossil resources. However, socio-economic research on the transition towards the bioeconomy at the firm-level remains scarce. Specifically, studies approaching the bioeconomy from the technology and innovation management (TIM) concepts are particularly uncommon, although the importance of knowledge generation and innovation is considered crucial to make the transition towards a greener economy. In this study, we take a first step in addressing this issue by developing a set of guiding principles for the management of innovation processes in the bioeconomy comprised in three key issues: the relevant stakeholder groups and their importance in innovation development within the bioeconomy, the innovation network strategy and management, and organizational features considered prerequisites for collaborative innovation. This called for an identification of influencing factors specific to the bioeconomy context and the establishment of basic characteristics of innovation processes in the bioeconomy. The five identified influencing factors, the basic innovation process characteristics, and the guidelines and recommendations presented in this paper are based on insights derived from a four-staged literature research of the bioeconomy and TIM literature. In particular, we focused on the Open Innovation approach because of the evident fit between this approach and the requirements for innovation in the bioeconomy. (C) 2016 Elsevier Ltd. All rights reserved.