Abstract:
Open innovation (OI) has become a popular strategy for businesses worldwide to access new ideas, technologies, and markets. However, while much of the research on OI has been conducted in developed countries, there is limited knowledge on how OI can be successfully implemented in SMEs in transitional economies and developing countries. This paper presents a longitudinal study on the implementation of OI in SMEs in Nigeria, Cameroon, and Ghana. The study analyzed data collected from 2022 to 2023 to support the findings. The study identified several factors that enable SMEs in transitional economies and developing countries to implement OI successfully, including strong leadership, collaborative culture, access to funding, and government support. The study also found that SMEs that adopted OI strategies experienced increased innovation, market competitiveness, and revenue growth. The study concludes that OI is a viable strategy for SMEs in transitional economies and developing countries to overcome resource constraints and achieve sustainable growth.
Description:
Innovation is essential for businesses to remain competitive in today's rapidly changing business environment. However, innovation is a resource-intensive process, requiring significant investments in research and development (R&D) and other resources. This is particularly challenging for small and medium-sized enterprises (SMEs) in transitional economies and developing countries, where resources are often scarce. To overcome these challenges, SMEs can adopt open innovation (OI) strategies to access new ideas, technologies, and markets.
