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A conceptual model for open innovation risk management based on the capabilities of SMEs: A multi-level fuzzy MADM approach

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  • Farjam, Foroogh
  • Shojaei, Payam
  • Askarifar, Kazem

Abstract

Open innovation represents a significant strategy that could help to overcome the complexity of today's markets. This practice contributes to the survival and sustainability of organizations, especially in developing countries. The purpose of this study is to propose a model that relies on the capabilities of Small and Medium Enterprises (SMEs) to manage the open innovation risks. To accomplish this, the study identified the risks of open innovation by exploring the literature and conducted the content validity on the metal, chemical and food industries in Iran. Firstly, the factors were broken into risks and underlying causes of risks. Next, through the Best-worst method (BWM), risks were prioritized so that the lack of trust among partners and high costs of coordination were the most important risks. Secondly, the Fuzzy TODIM (an acronym in Portuguese for Interactive and Multicriteria Decision Making) method was used at two levels. The results of this leveling showed that the lack of internal commitment and the inability to adapt to technological advancement were two important underlying factors. Finally, among capabilities of SMEs, the result-oriented management and the employees’ commitment to learning left the greatest impacts on risk reduction. This proposed model and accomplishments can help managers of SMEs to significantly reduce risks associated with open innovation by relying on the capabilities such enterprises possess.

Suggested Citation

  • Farjam, Foroogh & Shojaei, Payam & Askarifar, Kazem, 2023. "A conceptual model for open innovation risk management based on the capabilities of SMEs: A multi-level fuzzy MADM approach," Technovation, Elsevier, vol. 127(C).
    • Handle: RePEc:eee:techno:v:127:y:2023:i:c:s0166497223001554
    DOI: 10.1016/j.technovation.2023.102844
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    Cited by:

    1. Hegeman, Puck D. & Sørheim, Roger & Landström, Hans & Saether, Erik Andreas, 2024. "Corporate angels: A new breed of investors in the funding landscape for technology-based start-ups," Technovation, Elsevier, vol. 134(C).
    2. Gupta, Rohit & Rathore, Bhawana & Biswas, Baidyanath & Jaiswal, Mahadeo & Singh, Raunak Kumar, 2024. "Are we ready for metaverse adoption in the service industry? Theoretically exploring the barriers to successful adoption," Journal of Retailing and Consumer Services, Elsevier, vol. 79(C).

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