While there is no one set definition, but typically a developed economy refers to a country with a relatively high level of economic growth and security. Some of the most common criteria for evaluating a country's degree of development are its per capita income or gross domestic product (GDP), the level of industrialization, general standard of living and the amount of widespread infrastructure. Increasingly other non-economic factors are included in evaluating an economy or country's degree of development, such as the Human Development Index (HDI) which reflects relative degrees of advancement in education, literacy, and health.
Published in Chapter:
Open Innovation in SMEs: Contexts of Developing and Transitional Countries
Hakikur Rahman (Ansted University Sustainability Research Institute, Malaysia)
Copyright: © 2021
|Pages: 25
DOI: 10.4018/978-1-7998-5849-2.ch005
Abstract
Despite the increased acceptance by corporate business houses around the globe, the adaptation of strategies and concepts belonging to the newly evolved dimension of entrepreneurships, the open innovation (OI), countries in the East, West, or South are yet to adapt appropriate strategies in their business practices, especially in order to reach out to the grass roots and marginal communities. By far, firms belonging to the small and medium sized enterprises (SMEs) sector, irrespective of their numbers and contributions towards their national economies, are lagging behind in accepting open innovation strategies for their business improvements. While talking about this newly emerged business dimension, it comprises of complex and dynamically developed concepts like, management of intellectual property aspects, administration of patents, copyright and trademark issues, or supervision of market trend for minute details related to knowledge attainment.