Across industrial settings and environmental conditions, innovation is viewed as a source of advancing firms’ competitive position. Recently, a shift has been witnessed from the traditional innovation model, which mainly focused on internal research and development (R&D) towards open innovation. In this study, we have attempted to study if this approach is suitable for the regular, more mature industry by focusing the context of aerospace industry. The study involves a single case company that is a developer and manufacturer of components for both civil and military aero engines as well as for rocket engines. In addition to previous findings we would like to propose three key areas, which need special attention by any company aiming to successfully realize open innovation. These areas are people, process and technology, put into a framework. The PPT framework was found to be particularly helpful regarding the organizational changes needed for open innovation.