Implementing Open Innovation Practices in SMEs: The Role of Market and Institutional Collaboration
Keywords:
Open Innovation; Innovation Outcomes; SMEs
Abstract
Objective. Small and medium-sized enterprises (SMEs) constitute a vital component of economic development, yet their capacity to generate innovation increasingly depends on access to external knowledge and collaborative networks. This study examines the extent to which market based and institution-based open innovation practices contribute to innovation outcomes among SMEs. Research Methods. A quantitative research design was employed using a purposive sampling approach. Data were collected from 151 SMEs that met the study criteria and subsequently analyzed through multiple linear regression to assess the relationships among the investigated variables. Results. The findings reveal that both market-oriented and institutionoriented open innovation practices are positively associated with SME innovation outcomes. Market actors serve as an important source of strategic insights, enabling firms to identify emerging customer needs, competitive developments, and opportunities for product enhancement. Institutional engagement, in contrast, strengthens firms’ innovative capacity through knowledge transfer, capability-building initiatives, and access to supporting facilities and resources. Conclusions. The assessment of open innovation practices was guided by the innovation activity framework proposed in the Oslo Manual 2018. The results underline the importance of leveraging external knowledge channels to enhance innovation performance within SMEs. Given the limited empirical evidence addressing the relationship between open innovation practices and innovation outcomes in the Indonesian SME context, particularly in Yogyakarta, this study offers an initial contribution to the growing body of open innovation research in emerging economies.
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40
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15 | Strategic:
https://doi.org/10.1080/13504851.2022.2041166
Cheng, C. C. J., & Huizingh, E. K. R. E. (2014). When is open innovation beneficial? The role of
strategic orientation. Journal of Product Innovation Management, 31(6), 1235–1253.
https://doi.org/10.1111/jpim.12148
Cheng, C. C. J., & Shiu, E. C. (2021). Establishing a typology of open innovation strategies and
their differential impacts on innovation success in an Asia-Pacific developed economy. 65–
89.
Chesbrough, H., & Bogers, M. (2014). Explicating Open Innovation : Clarifying an Emerging
Paradigm for Understanding Innovation Keywords. Oxford University Press, 1–37.
Chesbrough, H. W. (2003). Open Innovation The New Imperative for Creating and Profiting from
Technology.
Dewan Perwakilan Daerah Republik Indonesia. (2024). Hasil Pengawasan Dewan Perwakilan
Daerah Republik Indonesia Atas Pelaksanaan Undang-Undang Nomor 20 Tahun 2008
Tentang Usaha Mikro, Kecil Dan Menengah. https://jdih.dpd.go.id/common/dokumen/2023-
2024kepdpd041.pdf
Diana, Y. (2022). Analisis Motivasi Dan Inovasi Terhadap Perkembangan Usaha Pada Ayam
Bakar Penyet Palapa Di Klambir V Deli Serdang. PROFESIONAL Jurnal Ekonomi, Bisnis
Dan Teknologi, 2(2), 74–80.
Dinas Perindustrian Koperasi dan UKM Yogyakarta. (2026). Jogja Kota Festival Dorong UMKM
Naik Kelas dan Perkuat Ekonomi Lokal.
https://perinkopukm.jogjakota.go.id/detail/index/48189/jogja-kota-festival-dorong-umkmnaik-kelas-dan-perkuat-ekonomi-lokal-2026-04-28
Expósito, A., Fernández-Serrano, J., & Liñán, F. (2019). The impact of open innovation on SMEs’
innovation outcomes: New empirical evidence from a multidimensional approach. Journal of
Organizational Change Management, 32(5), 558–577. https://doi.org/10.1108/JOCM-09-
2018-0253
Expósito, A., & Sanchis-Llopis, J. A. (2019). The relationship between types of innovation and
SMEs’ performance: a multi-dimensional empirical assessment. Eurasian Business Review,
9(2), 115–135. https://doi.org/10.1007/s40821-018-00116-3
Farida, I., & Setiawan, D. (2022). Business strategies and competitive advantage : The role of
performance and innovation Business Strategies and Competitive Advantage : The Role of
Performance and Innovation.
Fernandez, I. A. (2023). Heliyon Innovation and international business : A systematic literature
review. 9(September 2022). https://doi.org/10.1016/j.heliyon.2023.e12956
Gok, O., & Peker, S. (2016). performance , market performance and financial.
https://doi.org/10.1007/s11846-016-0198-8
Gulamhussen, M. A., Pinheiro, C., & Sousa, R. (2012). The Influence of Managerial Ownership
on Bank Market Value, Performance, and Risk: Evidence from Banks Listed on the Stoxx
Global Index. Journal of International Financial Management and Accounting, 23(2), 121–
153. https://doi.org/10.1111/j.1467-646X.2012.01056.x
Hartono, A., & Kusumawardhani, R. (2018). Searching Widely or Deeply? the Impact of Open
Innovation on Innovation and Innovation Performance Among Indonesian Manufacturing
Firms. Journal of Indonesian Economy and Business, 33(2), 123.
https://doi.org/10.22146/jieb.29218
Heller, D. (2024). Financial market integration and the effects of financing constraints on
innovation. Research Policy, 53(4), 104988. https://doi.org/10.1016/j.respol.2024.104988
IEEE 6th International Conference on Management of Innovation and Technology (ICMIT).
(2012). Innovation Models and Performance. 2012 IEEE 6th International Conference on
Management of Innovation and Technology, ICMIT 2012, June.
Iqnatia, Y., & Pangestuti, D. C. (2019). Menengah the Effect of Financial Literation, Innovation,
Page 23 of 26 - Integrity Submission Submission ID trn:oid:::3618:143676354
Page 23 of 26 - Integrity Submission Submission ID trn:oid:::3618:143676354
16 | Strategic:
and the Role of the Government on the Development of Small and Medium Enterprises.
Jurnal Apresiasi Ekonomi, 9(2), 213–228. www.kompas.com
Isensee, C., Teuteberg, F., Griese, K., & Topi, C. (2020). The relationship between organizational
culture , sustainability , and digitalization in SMEs : A systematic review. Journal of Cleaner
Production, 275, 122944. https://doi.org/10.1016/j.jclepro.2020.122944
Kementerian Koordinator Bidang Perekonomian, & Republik Indonesia. (2025). Pemerintah
Dorong UMKM Naik Kelas, Tingkatkan Kontribusi terhadap Ekspor Indonesia.
https://www.ekon.go.id/publikasi/detail/6152/pemerintah-dorong-umkm-naik-kelastingkatkan-kontribusi-terhadap-ekspor-indonesia
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