Open Innovation in SMEs

Abstract

Despite the increased acceptance by corporate business houses around the globe, 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 and marginal communities. By 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 in accepting open innovation strategies for their business improvements. While talking about this newly emerged business dimension, it comprises of complex and dynamically developed concepts like, management of intellectual property aspects, administration of patents, copyright and trademark issues, or supervision of market trend for minute details related to knowledge attainment.