11.5.6 Summary of key points

Innovation in SMEs can get significant promotion if companies, universities, research and technology centres are involved in strategic alliances in order to obtain access to new ideas and technologies and share skills, resources, information or expertise. A strategic alliance may be seen as the joining of forces and resources, for a specified or indefinite period, to achieve a common objective. The increase in establishing strategic alliances observed in recent years is mainly due to economic factors and business trends because costs are shared in alliance’s projects, low risk and exposure in R&D projects, access to knowledge and technology resources…

After reading this component you will have learned what a strategic alliances are, why are they necessary in the innovation process and several stages to form one according to your company’s necessities