Open Innovation in Small Business : Creating Values for Sustainability

The book emphasizes the open innovation which mainly consists of innovation inside-out and outside-in needed by the small and medium-sized enterprises (SME). This open innovation relates to the performance and survival of SMEs in a global competition. The SMEs must learn, have, and do innovative initiatives and actions. This book elaborates all related concepts and innovative practices toward better performances, which includes the impacts of globalization and dynamic markets with a special focus on sustainability. Every country has different perspectives considering open innovation as a solution to the businesses. Thus, readers can see the best practices to be adopted or adapted in their business environment.

The book includes the solution for the SMEs in terms of creating values. Open innovation is known as a window for creating values. Open innovation can be seen by SMEs as a possible way to adapt and thrive in an increasingly competitive and volatile environment, including to overcome their limitations. By implementing open innovation, SMEs will compensate for their lack of internal resources and competencies through external resources to develop new technologies and take advantage of market opportunities.

This book is dedicated to the entrepreneurs, businessmen, practitioners, policymakers, academician, and students in developing strategies and having future plan related to innovation which is crucial for creating values in business operations. A benchmarking through innovation is important to improve among businesses to achieve effectiveness and efficiency.

Ahmad Rafiki is Assistant Professor and as Dean of Faculty of Economics and Business, Universitas Medan Area (UMA). He was with University College of Bahrain in the Department of Business Administration as Assistant Professor and as Research Associate in the Mizan Research Centre, Faculty of Leadership and Management, Universiti Sains lslam Malaysia (USIM). He obtained his BBA degree with a major of Marketing from MARA University of Technology and Masters in Management from International Islamic University of Malaysia. In March 2014, he awarded Doctor of Philosophy from Universiti Sains Islam Malaysia (USIM). He is holding Certified Islamic Marketing Associate (CIMA) from the International Islamic Marketing Association (IIMA).  He has presented academic papers in various international seminars/conferences such as in Indonesia, Malaysia, UK, and Turkey. He won as the Outstanding Reviewer of Literati Awards 2020 by Emerald Publishing.

Léo-Paul Dana is Professor at the Rowe School of Business of Dalhousie University, Canada. As well, he holds the title of Visiting Professor at Kingston University. He is also associated with the Chaire ETI at Sorbonne Business School. A graduate of McGill University and HEC-Montreal, he has served as Marie Curie Fellow at Princeton University and Visiting Professor at INSEAD.  He has published extensively in a variety of journals including: Entrepreneurship: Theory & Practice; International Business Review; International Small Business Journal; Journal of Business Research; Journal of Small Business Management; Journal of World Business; Small Business Economics; and Technological Forecasting & Social Change.

Muhammad Dharma Tuah Putra Nasution is Assistant Professor and Researcher at the Department of Management, Universitas Pembangunan Panca Budi. In 1998, he got a bachelor's degree in marketing from Universitas Trisakti. In 2004, he got a master's degree in management from Universitas Sumatera Utara. In 2019, he returned to Universitas Sumatera Utara to pursue a Ph.D. in marketing with an emphasis on value co-creation (Candidate). Before that, in 2018, he went to Universiti Malaysia Perlis to get a Ph.D. in marketing with a focus on halal tourism marketing (Candidate). He has authored some chapters and articles on entrepreneurial and marketing strategies of small and medium-sized businesses and also halal marketing for international publishers such as Emerald Publishing (Journal of Islamic Marketing, Journal of Research in Marketing and Entrepreneurship, and Journal of Science and Technology Policy Management). He has also delivered scholarly papers at a variety of international seminars and conferences.