Strategies for Managing Open Innovation in SMEs in Bangladesh and the Contribution of SMEs to the National Economy: An Observational Study

Small and Medium-Sized Enterprises (SMEs) are the far-reaching evolution in the arena of open innovation which is an emerging concept that attracts a lot of entrepreneurs in Bangladesh. Open innovation has been immensely implemented in small and medium enterprises with the intention of impressing business uplift, financial and economic empowerment. SMEs and Open Innovation gathers data & information in which SMEs can put open innovation strategies to development by entrepreneurial, institutional, and exploratory study. The motto of this study is to make policy, economic, and cultural issues, including various privileges and challenges adjoining open innovation strategies in Bangladesh SMEs sector. A quantitative method was chosen to make this study a success. Specifically, a structured interview method has been followed to collect data from primary sources to provide a clear picture of the development of this industry through the application of innovative approaches to the management strategy of SMEs in Bangladesh. Data was collected from eighty respondents from three different cities (Dhaka, Gazipur, and Narsingdi) using the convenience sampling technique (non-probability sampling). Convenient sampling techniques were applied to draw samples to ensure representation of all types of companies. Data was analyzed regarding of frequency, percentage, regression analysis, and ANOVA using SPSS.