Open innovation within the low-technology SME sector
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2018 by World Scientific Publishing Co. Pte. Ltd. All rights reserved. Innovation studies have focused in the main on so called high technology (HT) firms that demonstrate a culture of continuous innovation evidenced by steady growth rates and profitability. HT firms invest significantly in R & D. Less explored are the significant number of so-called low-to-medium technology (LMT) firms and in particular those defined as small-to-medium sized enterprises (SMEs). Despite their low investment in R & D and relatively small size, LMT-SME firms continuously adapt and innovate to maintain a measure of growth and profitability. These firms that make up the majority of firms in developed economies have developed their own very different routines and practices that match their own particular needs and adapt to their own particular competitive environment. These routines include agile and continuous innovation and a focus on processes and services. These practices when studied and shared provide learning opportunities within the sector as a whole. This chapter presents the routines and practices of innovation within a number of case studies from the LMT-SME sector and in particular their agile approaches towards open innovation.
