Innovation Ecosystem in the Small and Medium Enterprises

A Theoretical Perspective.

  • YASMIN Kamall KHAN Malaysian Academy of SME & Entrepreneurship Development (MASMED) Faculty of Business and Management, Universiti Teknologi MARA, Shah Alam
  • Azlin Shafinaz Mohd Arshad Malaysian Academy of SME & Entrepreneurship Development (MASMED) Faculty of Business and Management, Universiti Teknologi MARA, Shah Alam, Malaysa
Keywords: Innovation, Innovation Ecosystem, Small and Medium Enterprises

Abstract

Open innovation has so far been studied mainly in high-tech, multinational enterprises. This conceptual paper on innovation ecosystem studies scrutinizing open innovation practices that has been applied by firms focusing on small- and medium-sized enterprises (SMEs). Within the review, we defined the innovation ecosystem, explaining on the innovation issues in SMEs, open innovation as well as close innovation. SMEs pursue open innovation primarily for market-related motives such as meeting customer demands, or keeping up with competitors. Their most important challenges with open innovation are securing the trade secrets. However, SMEs have option either to proceed with open innovation or closed innovation. Open and close innovation has its benefit and weakness; therefore SMEs must identify their main objectives in the business. The future directions of this issue are discussed.

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Published
2019-02-23
How to Cite
KHAN, Y. K., & Arshad, A. S. M. (2019). Innovation Ecosystem in the Small and Medium Enterprises. Journal of Management Info, 6(1), 51-54. https://doi.org/10.31580/jmi.v6i1.461
Section
Articles