Open Innovation and SMEs
The Walesonline website noted that to date, most of the research studies examining open innovation have focused on large firms and how they utilize the open innovation process. As a result, very little has been done to support this concept within small to medium-sized enterprises (SMEs). This is despite the fact that there is increasing evidence that SMEs are playing an important part in knowledge generation and innovation, especially within emerging high technology sectors. More importantly, many SMEs are naturally agile and entrepreneurial which means that many are already open to new ideas from outside and can exploit those opportunities that may emerge as a result. However, there are also challenges in fully exploiting the potential of open innovation as many SMEs will often lack resources internally and need these external linkages to access knowledge.
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