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Open Innovation in Small and Medium Enterprises: Perspectives of Developing and Transitional Economies
Abstract
In spite of the increased acceptance by most of the corporate business houses around the world, the adaptation of strategies and concepts belonging to the newly evolved dimension of entrepreneurships, the open innovation (OI), countries in the East, West or South are yet to adapt appropriate strategies in their business practices, especially in order to reach out to the grass roots communities, or to the masses. So far, firms belonging to the small and medium sized enterprises (SMEs) sector, irrespective of their numbers and contributions towards their national economies are lagging behind far in accepting open innovation strategies for their business advancements. While talking about this newly emerged business dimension, it comprises of complex and dynamically developed concepts like, management of various aspects of intellectual property, administration of patents, copyright and trademark issues or supervision of market trend for minute details related to knowledge acquisition. All these issues are largely responsible to add value to the business plan in terms of economy or knowledge gain, and organizations acting in this aspect deserve comprehensive researches and investigations. As most of the developed countries are already in their advanced stage in adopting open innovation strategies, finding this as a weak link in terms of entrepreneurships in less developed countries, this chapter intends to seek answers related to the mentioned issues focusing adaption of open innovation strategies in developing and transitional economies. It is a study on business houses or national efforts from countries belonging to these categories, deducting from a longitudinal literature review. The chapter goes on looking into other aspects of business development incorporating various OI concepts, synthesizes to build a reasonable framework to be applicable in the target economies, points out to some future research aspects and concludes the finding of this research. This study expects to enhance knowledge of entrepreneurs, academics and researchers by gaining specific knowledge on trend of open innovation strategies in developing and transitional countries.
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