The Effect of Technology and Open Innovation on Women-Owned Small and Medium Enterprises in Gujarat, India
Keywords:
Open Innovation, SMEs, Technological advancement, Trends, and Motives, Management Challenges in India, Women Entrepreneurship..Abstract
Background: Growth of small and medium companies (SMEs), particularly those owned by women in Gujarat, India, is facilitated by technological adaptation and innovative activity. But no in-depth research has been done on how technical advancement and creative activities affect the expansion of SMEs in Gujarat, India.
Purpose: The purpose of this study is to determine the impact of technology and open innovation policies on the expansion of women-owned SMEs as well as the current trends and management issues that must be resolved for open innovation to be fully implemented successfully.
Research Methods: A sample of 69 women-owned businesses in Gujarat's Waghodia Taluka and Vadodara district were taken into account for the study. The exploitation of technology in SMEs is represented by eight creative behaviors that quantify open innovation.
Results: According to study findings, women-owned businesses participated in a number of open innovation policies throughout the previous two years. The survey also found that there were no appreciable variations in open innovation methods across manufacturing and service SMEs; however, women-owned businesses are more actively involved in these techniques. Findings also show that open innovation is used by women-owned SMEs, mostly for commercial purposes, to compete with rival businesses and satisfy client expectations. In light of this, it is recommended that government policies pertaining to successful SMEs run by women be innovation-focused.
Conclusion: The work adds to the implications, both theoretical and practical. Additionally, SMEs, academics, practitioners, and decision-makers can benefit from the study.