How Do We Salvage Our SMEs?
The New Times website reported that another best strategy [to salvage SMEs] is open innovation (OI). This is an alternative strategy for SMEs to partner with another company to acquire and generate new knowledge, as well as share the risks and rewards of collaborative innovation. By turning to OI, SMEs can access resources at a lower cost and gain faster entry to new markets. There are three types of open innovation, inbound OI (technology purchasing from outside, joint research, research contracts, joint venture, user innovation, collective intelligence). Open Innovation is relevant and critical for SMEs as it can accelerate the pace of innovations and innovative firms are critical elements of a country’s economic development and competitiveness.
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