The newly evolved trends of transformation in the entrepreneurships, their establishment, operation and management, andsubsequent alterations in the entrepreneurship’s knowledge arena has brought out the idea of open innovation, suggesting thatideas for innovations can transpire or go to market from outside the company as well as inside. Leaders among the globalentrepreneurships, among others including researchers, academics and agencies acting as intermediaries are thriving toachieve success in accommodating open innovation (OI) strategies in their business processes or researches or activitiesleading to additional value gain. OI strategies, accepted by relatively large corporate business houses through their verynature, but as time passes and strategies mature, seemingly and gradually they are being adapted by the small and mediumsized enterprises (SMEs) for the benefit of economic and knowledge gain. This paper through a comparative study has triedto incorporate ideas of open innovation that are suitable for SMEs and find answer to the question on the acceptance of OIstrategies in SMEs.
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