Procedia Economics and Finance vol:12 pages:184-190
Enterprise and the competitive environment location:Brno date:6-7 March 2014
The EU lags behind in innovation compared to other major world economies due to, amongst others, lower levels of investment in innovation and an insufficient use of communication technologies. SMEs find it difficult to fully exploit the business potential of the scientific and technological advances made by research and education institutes. International Innovation Labs are conceived as a collaborative meeting ground between SMEs and business schools with a twofold objective: (i) to stimulate business model innovation in SMEs; (ii) to develop a systematic approach for innovation processes, adjusted to their limited financial and marketing resources. The knowledge acquired from the case-based approach was used to create an innovation manual with a practical roadmap to innovation within SMEs. Special attention is given to create an open innovation culture within businesses.