The impact of social networks on SMEs’ innovation potential

Abstract

There is no doubt that social network changed the way business happens nowadays, especially when it comes to communication and marketing techniques. However, even if there are many studies on the impact of social networks on business performance, researchers did not study the innovation potential that comes out of social media interaction between business representatives and customers, suppliers, communities or academics.The purpose of this exploratory study is to determine the impact of social networks on the innovation potential of Romanian businesses and also if Romanian SMEs’ representatives are aware of the benefits social networks bring to the innovation process or if they use any methods to stimulate this collaboration with customers, partner companies, suppliers and academia representatives. The authors have researched previously what is the impact of social network marketing on business development and noticed that Romanian businesses tend to obtain benefits from different activities on social networks mainly related to marketing techniques, but very few SMEs actually consider involving other parties into the innovation process.