Open innovation within loughview timber: How knowledge transfer is opening doors to new markets

Open Innovation (OI) presents an opportunity for small to medium enterprises (SMEs) to gain a competitive advantage over their peers in their respective markets. This study aims to determine the effectiveness of adopting an open innovation model in the context of SMEs. In doing so, Loughview Timber; a small manufacturer and supplier of timber external door sets, fire rated doors, staircases, windows, based outside of Gilford in Northern Ireland, is used as a case study. They have partnered with the University of Limerick in a knowledge transfer project on product development, using open innovation as a vehicle. Using existing processes and procedures as a base, the study aims to analyse the need for open innovation within Loughview Timber; thus, analysing the effect open innovation would have on the organisation whilst providing recommendations for the company's innovation practices. Based on a review of existing literature, a questionnaire and subsequent review of Loughview Timber's internal documents and market reports, findings emerge. It is recommended that Loughview Timber continue to exploit the benefits of knowledge transfer available, in this case, in the form of InterTradeIreland's FUSION programme, while also looking for further opportunities to partner with other third level educational institutions. Further research is required across a wider range of SMEs to more accurately determine the effectiveness of open innovation on supporting SME's product development activities.