Meaning ● Open Innovation, in the context of SMB (Small and Medium-sized Businesses) growth, is a strategic approach where firms intentionally leverage external ideas and knowledge to accelerate internal innovation processes, enhancing automation efforts and streamlining implementation strategies. ● This model helps SMBs overcome resource constraints by tapping into a global network of expertise, technologies, and markets to enhance product development and improve operational efficiency. ● Specifically, for automation, open innovation enables SMBs to integrate externally developed solutions and platforms more efficiently, bypassing lengthy internal development cycles. ● Further, its implementation becomes agile as outside knowledge helps refine strategies for better market fit and reduced time-to-market. ● Ultimately, the advantage for SMBs lies in reducing development costs and risks, whilst simultaneously accelerating innovation cycles through partnerships, licensing agreements, and collaborative research projects that bolster overall growth and competitiveness.
