Open innovation in Korean SMEs: trends and financial performance
by Taewan Kim; Byungku Lee; Byungheon Lee
International Journal of Services Sciences (IJSSCI), Vol. 7, No. 1, 2019

Abstract: While open innovation has gained much attention, few studies have examined this perspective in the context of small and medium enterprises (SMEs). The motivation of this study is to fill this gap by examining SMEs' strategic approaches toward inbound open innovation and in-house R&D. Drawing on a sample of 3,175 SMEs in South Korea, we used cluster analysis to identify groups of SMEs pursuing homogenous innovation strategies. We also examined the effect of SMEs' innovation strategies on financial performance. The results of this study shed insights about how SMEs should develop innovation strategy to improve financial performance.

Online publication date: Mon, 06-Apr-2020

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