Exploring the role of technological developments and open innovation in the survival of SMEs: an empirical study of Pakistan

Abstract

Small and medium enterprises (SMEs) play an important role in terms of sustainable economic development. Therefore, the survival of this sector is highly important for every economy. This study theoretically and empirically explores the role of technological developments and open innovation (OI) on SME survival. The first part of this paper is based on library search and available literature on SMEs and the role technological innovations towards the flourishment of SME. Findings from this review shed some lights on the potential of social networking as part of online marketing. Furthermore, the researchers conducted a self-administrated questionnaire-based survey to empirically examine the conceptual framework. The empirical results revealed that the effect of online marketing via social media is more powerful and diverse due to its ability to reach more customers. In addition, open innovation is an effective and emerging tool in the success of SME. Reference to this paper should be made as follows: Hassan, M.U., Iqbal, Z., Malik, M. and Ahmad, M.I. (2018) 'Exploring the role of technological developments and open innovation in the survival of SMEs: an empirical study of Pakistan', Int. He has more than 21 years of national and international experience major as a trainer, researcher and teacher. He has received his BCom, MBA, FCMA and LLB degrees from Pakistan. He has received his PhD in Business Management from the Istanbul University Turkey. He is a fellow member of Cost and Exploring the role of technological developments and open innovation 65 Management Accountants of Pakistan (FCMAP) and Life Office Management Association (LOMA-Life Insurance) of the USA. He is an associate member of Chartered Insurance Institute UK (ACII). His research interest includes knowledge management, organisational trust, innovation, service quality, strategic human resource development, corporate governance, entrepreneurship, voice behaviour, corporate governance, learning orientation and green purchase behaviour. Zeeshan Iqbal received his Master's in Commerce from the Department of Commerce, Bahauddin Zakariya University, Multan, Pakistan. Currently, he is a Research Scholar and completing his MPhil thesis from the same university. His main research interests are consumer behaviour, S-D logic, co-creation behaviour, organisational behaviour, technology management, mobile marketing, internet banking and sustainability reporting.