Beyond Prizes: How and Why Some SMEs Benefit From Participating in Open Innovation Contests

By • on July 21, 2020

The ProQuest website posted a study which noted that large enterprises and government agencies are increasingly collaborating with entrepreneurs and innovative small-to-medium-sized enterprises (SMEs) to solve complex challenges. One of the key approaches to collaboration is to organize an open innovation contest (OIC). Researchers have studied OICs for more than a decade yet our understanding of benefits for SMEs participating in OICs is still relatively scarce. In this research, we analyze a unique dataset of 60 OICs, hosted by Finnish companies and government agencies, to find insight into the benefits they have provided to the participating SMEs. Preliminary findings show that SMEs that participated in OICs have received benefits that significantly contributed to their business development.

Click here to read the full abstract of the article.

Image via Flickr.

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