How Entrepreneurs are Managing Open Innovation in SMEs
Abstract: It is these days very consistent for Small and Medium Enterprises (SMEs) to participate in open innovation activities to battle the internal and external difficulties they are confronting, for example, less resources for R&D, constrained financial resources and specialized abilities, fewer production facilities and distribution channels and so on. Studies demonstrate that open innovation encountered a quick increase in recent years. As of late researchers have additionally indicated distinct interest in research on SMEs whereas in past research large companies were the focus. The focus of the thesis is to highlight how SMEs solve their shortage of scare resources by engaging into open innovation activities. Two SMEs from various regions, to be specific Pakistan and the United Kingdom, were chosen as research cases for the thesis. Interviews have been utilized as a primary method for data collection. Despite of certain limitations, the research was successfully concluded with imperative findings with the suggestions and practices of open innovation utilized by SMEs. Finding from the thesis demonstrate that entrepreneurs in view of their individual attributes perceived the value of the opportunity and well-spoken the thought into a successful product. Their most vital entrepreneurial qualities are quick basic leadership, risk taking capacity and innovativeness in discovering answers for issues. Both entrepreneurs were effective in sorting out and managing the open innovation process and overwhelm the liabilities of being small. In both cases, entrepreneurs must have utilized external resources to satisfy the absence of their internal resources such as technology exploration innovation strategy and through building and dealing with their innovation network. The result of the research demonstrates that the achievement of the entrepreneurs of how an entrepreneur deals with the business is not simply based on his aptitudes and abilities, however it additionally relies upon the type of innovation procedure which entrepreneurs incorporates within the organization. While organizing and managing the open innovation process there were many difficulties that both entrepreneurs needed to face to make their SMEs successful. Although few differences emerge when the both CEO’s adopted open innovation activities.
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