Abstract
SMEs are the backbone of most global economies providing around two-thirds of the total employment. To continue to thrive and gain a competitive advantage and benefit from the accelerated changes and disruptive innovation caused by the vast proliferation of digital technology, SMEs should enhance their efforts to embrace, implement, and practice open innovation (OI). The COVID-19 pandemic has imposed numerous changes that will have unprecedented impacts, and uncharted water steering to “new normal” will also affect SMEs. Emerging food start-ups and SMEs are facing enormous challenges and opportunities, mandating a paradigm shift, a new mindset, and practices for benefiting from open channels for knowledge and science, employing external technology, solutions, innovation cocreation collaboration with all the OI ecosystem stakeholders. This chapter reviews and highlights OI's present utilization, implementation, and opportunities for SMEs and start-ups in the food sector. The new normal and disruption in the marketplace highlight SMEs’ needs for a new paradigm shift and mindset and to embrace OI, novel strategies, business models, management roles, enhanced collaboration to cocreating a very prosperous future.
Original language | English |
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Title of host publication | Innovation Strategies in the Food Industry |
Subtitle of host publication | Tools for Implementation, Second Edition |
Publisher | Elsevier |
Pages | 39-52 |
Number of pages | 14 |
ISBN (Electronic) | 9780323852036 |
ISBN (Print) | 9780323915526 |
DOIs | |
State | Published - 1 Jan 2021 |
Bibliographical note
Publisher Copyright:© 2022 Elsevier Inc. All rights reserved.
Keywords
- Agile
- AgriFood
- Artificial intelligence
- Ecosystem
- FoodTech
- Open innovation
- Quadruple helix model
- Small and medium enterprises
- Start-up
- Strategy