Open Innovation among SMEs in the less developed economy: Exploiting the scientific knowledge of Firms’

The focus of the paper is to investigate open innovation among SMEs in the less developed economy and to explore the scientific method of SMEs in Ghana. This research adopts a quantitative testing design. Research evidence was composed via a questionnaire-based poll of managers and executives of the hotel sector in Ghana. The hypotheses cited were tested through regression analysis. The findings state that internal knowledge and external knowledge have a remarkable impact on complementary knowledge, which then influences the performance of SMEs’. Besides, internal knowledge has a direct notable effect on external knowledge. The research is, however, unable to describe the general situation of Ghana so it considers Greater Accra region as a case. Increased sample quantities may be needful for further research. This research evinces that external knowledge and complementary knowledge are two key components for internal knowledge to influence successful business performance. Managers are to note that “discharging well” (an external knowledge) demands a sense of complementary knowledge for it to affect the remarkable performance of a business. This research introduces a model in which internal knowledge, external knowledge, and performance of SMEs supplement complementary knowledge. The empirical verification enhances the literature on open innovation. Keywords - Internal knowledge, external knowledge, complementary knowledge including performance of small and medium scale enterprise (SME)