Social media and open innovation: implication for innovation performance among SMEs in Malaysia

Abstract

In this dynamic social and technological environment, knowledge is the main source of innovation. Innovation is required in Malaysia in order to boost the economy. However, the innovation in Malaysia is considered low as compared with other countries. The lack of innovation is due to insufficient knowledge, skills, and financial issues. In fact, social media and open innovation are strategies that can be employed in organisations to solve these issues. Social media is an excellent platform that can be utilised to engage and interact with customers and gain valuable information. As for open innovation, it allows organisations to explore outside knowledge and to exploit internal resources to stay competitive. Both strategies could be utilised to solve the issues faced by Malaysian SMEs. Thus, social media and open innovation are the strategies which will be discussed on how they impact innovation performance among SMEs in Malaysia.