Abstract:
Innovations depict clear-cut differences between entrepreneurial ventures and the normal business ventures as a fore-walker of driving a business venture in to growth orientation which is considered as the heart of entrepreneurial orientation. Open innovation practices are very popular among large MNCs though the adaptability of the practice has not been still researched and illustrated in the perspective of small and medium businesses. The study aims at observing the open innovation practices among small and medium women business owned ventures (in the
field of handicrafts manufacturing) in Central Province in Sri Lanka. The study based on the primary data gathered from women business owners in the Central Province within the industry and the data were collected through a postal survey from a sample of 50 women business owners which represents 30% of the total population of handicrafts manufacturing industry in the province and descriptive analysis method was adapted to analyze the data The results show that there is a positive trend within women business owners in the handicrafts industry to adapt open innovation practices in ensuring their survival and the growth of the businesses that automatically pushes them towards the entrepreneurial orientation. Moreover, the study findings reveals of a significant difference in the adaption to open innovation practices within medium and small ventures. Study findings further illustrate that the lack of knowledge on innovation
management practices, lack of capabilities for networking and the mistrust they have towards venture growth play as main barriers those prevent them in occupying innovation management practices within the ventures.
