Entrepreneurs Leading The Charge in Open Innovation

It is these days very consistent for Small and Medium Enterprises (SMEs) to participate in open

innovation activities to battle the internal and external difficulties they are confronting, for

example, less resources for R&D, constrained financial resources and specialized abilities, fewer

production facilities and distribution channels and so on. Studies demonstrate that open innovation

encountered a quick increase in recent years. As of late researchers have additionally indicated

distinct interest in research on SMEs whereas in past research large companies were the focus. The

focus of the Book is to highlight how SMEs solve their shortage of scare resources by engaging

into open innovation activities. Two SMEs from various regions, to be specific Pakistan and the

United Kingdom, were chosen as research cases for the Book. Interviews have been utilized as a

primary method for data collection. Despite of certain limitations, the research was successfully

concluded with imperative findings with the suggestions and practices of open innovation utilized

by SMEs. Finding from the Book demonstrate that entrepreneurs in view of their individual

attributes perceived the value of the opportunity and well-spoken the thought into a successful

product. Their most vital entrepreneurial qualities are quick basic leadership, risk taking capacity

and innovativeness in discovering answers for issues. Both entrepreneurs were effective in

sorting out and managing the open innovation process and overwhelm the liabilities of being

small. In both cases, entrepreneurs must have utilized external resources to satisfy the

absence of their internal resources such as technology exploration innovation strategy and

through building and dealing with their innovation network. The result of the research

demonstrates that the achievement of the entrepreneurs of how an entrepreneur deals with

the business is not simply based on his aptitudes and abilities, however it additionally relies

upon the type of innovation procedure which entrepreneurs incorporates within the

organization. While organizing and managing the open innovation process there were many

difficulties that both entrepreneurs needed to face to make their SMEs successful. Although few

differences emerge when the both CEO's adopted open innovation activities.