Technological Adaption and Open Innovation in SMEs: An Strategic Assessment for Women-Owned SMEs Sustainability in Bangladesh

Technological adaption and innovative activities foster small and medium enterprises (SMEs) growth by allowing production and process diversifications. Furthermore, open innovation practices, especially SMEs, rely on several firms’ specific attributes, and their impact varies accordingly. This study...

Full description

Saved in:
Bibliographic Details
Published inSustainability Vol. 13; no. 5; p. 2942
Main Authors Meng, Lingyan, Qamruzzaman, Md, Adow, Anass Hamad Elneel
Format Journal Article
LanguageEnglish
Published Basel MDPI AG 01.03.2021
Subjects
Collateral
Competitive advantage
Creativity
Entrepreneurs
Entrepreneurship
Innovations
Literature reviews
Motivation
R&D
Random sampling
Research & development
Sampling methods
Small & medium sized enterprises-SME
Small business
Statistical sampling
Sustainability
System theory
Women owned businesses
Bangladesh
Online AccessGet full text

Cover

More Information
Summary:Technological adaption and innovative activities foster small and medium enterprises (SMEs) growth by allowing production and process diversifications. Furthermore, open innovation practices, especially SMEs, rely on several firms’ specific attributes, and their impact varies accordingly. This study’s motivation is to explore the impact of technological adaptation and open innovation on SMEs run by women entrepreneurs and the challenges encountered in implementing open innovation. A sample of 580 questionnaires was sent to target SMEs, following the stratified random sampling technique, of which a complete 375 responses were duly received. The open innovation has been measured through eight innovative practices, reflecting the exploration and exploitation of technology in SMEs. This study found that women-owned enterprises were involved in many open innovation policies during the last five years. The result of this study indicated that there are no significant differences between manufacturing and industry regarding open innovation practices. Still, women-owned enterprises are more impressively engaged in open innovation practices. The research also identified that women-owned SMEs follow open innovation, mainly for market-related intentions, to compete with competitors and meet customers’ demands. The study contributes to the theoretical and practical implications. Further, the study is helpful for SMEs, researchers, practitioners, and decision-makers.
ISSN:2071-1050
2071-1050
DOI:10.3390/su13052942