SMEs open innovation management: Strategy map for innovation driven company
SMEs open innovation management: Strategy map for innovation driven company

Summary/Abstract: Over the last few years the open innovation paradigm has gained significant attention among many researchers who are studing on strategic management and innovation. Current research emphasizes that companies adapt their business models to profit not only from internal but also from external knowledge and ideas. The aim of this article is to help the management team to cope with the use of the balanced scorecard for implementation of open innovation strategies in small and medium-sized enterprises (SMEs). One of the ultimate goals is the construction of strategy map and inclusive measures of open innovation management. The implementation of open innovation strategies in small and medium-sized enterprises is a complex, mental and a highly professional activity that is directed towards the determination of the future objectives for the company growth. Hence, in a broader sense, this paper has to formulate the need for using the balanced scorecard as a guiding principle to build a strategy map, draw up an action plan for measuring key drivers as well as determine of critical success factors aimed at open innovation driven company.

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