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Equipping Small-and-Medium-Scale Companies (SMSC) Through Open Innovation: A Refined Proof of Concept and OI Redesign for Strategic Implementation

In: Innovation, Sustainability, and Technological Megatrends in the Face of Uncertainties

Author

Listed:
  • Fernando Ferreira Fernandez

    (University Canada West)

  • Abeba N. Turi

    (Northeastern University, University Canada West)

Abstract

This study presents a novel approach to Open Innovation (OI) as it applies to small-and-medium-scale companies (SMSCs) suffering from multilayer constraints to benefit from such a collective tech value creation model. Building on the decades-long practice of OI, the chapter looked into the model’s evolution, development, and application constraints for the SMSCs and presented a refined concept note that meets the dynamic business and tech environment. Based on this, an OI model that encompasses different stakeholders is designed. The proposed IO model that applies to the SMSCs is built on the Consortium model principles that enable ease of entry and exit for each of the stakeholders, keeping members’ best interest for the common good.

Suggested Citation

Handle: RePEc:spr:fuobcp:978-3-031-46189-7_14
DOI: 10.1007/978-3-031-46189-7_14
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