It could be treated as a mandate or a set of clear vision or a well-defined process incorporating people (employees, clients, suppliers, other stakeholders) in terms of new ways of working, incentives, fading distinction between work and (social) networks; operations ((e-)processes and (e-)infrastructure) in terms of web access, communities, facilitation of knowledge and creativity sharing; policy (written and unwritten rules) regarding intellectual property, privacy, outside communication; and culture (openness, learning, networking) to create the right (and safe) atmosphere.
Published in Chapter:
Open Innovation Strategies in SMEs: Development of a Business Model
Hakikur Rahman (Ansted University Sustainability Research Institute, Malaysia)
Copyright: © 2022
|Pages: 26
DOI: 10.4018/978-1-7998-4799-1.ch005
Abstract
Open innovation in enterprises has already obtained its acceptance at all levels of the business industry for adding worth to the business. The value could be in the form of economic expanse or enhancement of knowledge leading to a sustained financial base. Open innovation adopts various strategies to accomplish the task for enhancing the value gain. Varying by size, nature, pattern, or characteristics of the firm, various strategies are being adopted by enterprises. Though largely known to be familiar in corporate business houses, in recent years, open innovation is also becoming increasingly recognizable in small and medium enterprises (SMEs), and the trend is rapidly escalating. However, despite the potency of open innovation strategies, most of the enterprises are yet to find a sustained business model, especially for the SMEs working at the outmost periphery of that value chain. This chapter is trying to formulate a business model incorporating partnership approach from academia, research houses, intermediaries, practitioners, and other stakeholders.