The Dynamics of Open Innovation in SMEs

📖 The Scoop

It is widely acknowledged that technological advances and scientific innovation are the most important sources of productivity growth and competiveness, as well as social and economic wellbeing. Increasingly, research and policy attention has come to focus on the small and medium-sized enterprise (SME) sector as a key source of new product development, innovation and suppliers of new technologies. However, despite being recognised as vital parts of a dynamic process of the knowledge-based economy, there is relatively little known about the contemporary factors that contribute to the innovativeness, internationalization, economic performance and growth of SMEs.

Increasingly firms are moving away from the 'closed innovation paradigm' in which most R&D is carried out in-house, in isolation and secrecy, to a more open way of working in which firms actively collaborate with other companies and institutions. It has been claimed that this new form of collaboration provides access to technologies and facilities that would otherwise take years and major investment to acquire in-house. This 'open innovation' is of great benefit to any company, but is incredibly useful for SMEs in particular.

Although open innovation is receiving more attention in academic research, the existing literature is largely qualitative and focused on the practices of high-technology multi-national firms and generally ignores the work being carried out in this area by SMEs. Using a combination of theory and cutting edge empirical (quantitative) investigation, Pooran Wynarczyk strives to address this major gap in current literature.

Genre: Business & Economics / Entrepreneurship (fancy, right?)