Factors influencing open innovation in small and medium enterprises: A survey in Da Nang City, Vietnam

Abstract

Small and medium-sized enterprises (SMEs) play an important role in the economy of every country, not only because they account for a large number of total types of enterprises but also because of their flexibility and contribution to economic development. SMEs often account for a large proportion of total enterprises, create many jobs and contribute significantly to local and national GDP. This article explores and quantifies factors affecting open innovation in small and medium-sized enterprises. The research team approaches innovation from a supply-demand approach using a combination of qualitative and quantitative methods, from the survey results of 38 enterprises operating in Da Nang city, Vietnam. The research results show that the 8 initially proposed factors all have a positive impact on open innovation in enterprises in Da Nang city, Vietnam, in which financial resources (FR) , competitive market (CM), research and development (RD) are the 3 factors that have the greatest impact on open innovation in SMEs in Da Nang city. From there, the research team proposes a number of breakthrough solutions to enhance open innovation in SMEs in Da Nang city in the coming time.