Abstract
Efforts have been given to gain knowledge from a meager collection of empirical studies on various taxonomies of innovation and their effects on open innovation strategies for the development of entrepreneurship, despite abundance of studies and researches that are available on the broader aspect of open innovation categorization. Based on a longitudinal literature review with three time series, this study has tried to deduct patterns of innovation among business sectors, during pre-concurrent-post periods of popularization of the term ‘open innovation’, emphasizing their implications on entrepreneurship development. However, efforts have been given to emphasize on prominent taxonomies that exists among small and medium enterprises (SMEs). Thereafter, it has tried to develop a framework on taxonomies of innovation focusing the emerging knowledge economy and the prevailing global economic crisis. The paper is an exploratory literature review and assists in knowledge acquisition.
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