Sustainable Development towards Openness SME Innovation: Taking Advantage of Intellectual Capital, Sustainable Initiatives, and Open Innovation

The issues of the relationship between the innovative maturity of enterprises, the orientation of small- and medium-sized enterprises (SMEs) to the principles of sustainability, and the expansion of their participation in sustainable development with business efficiency are very important and interesting. In this case, it is important to find a good balance between a policy that focuses on sustainable development and businesses' needs. This will help SME companies be as efficient as possible and have the least amount of impact on the environment. This is especially important for countries where small- and medium-sized businesses are the main driving force of the country's economy. This research aims to examine how the conceptualizations of intellectual capital (e.g., relational capital, social capital, and structural capital) affect open innovation and sustainability-oriented initiatives to foster open sustainability innovation for small- and medium-sized businesses. Using structural equation modeling based on second-order factor analysis, survey data were collected from 481 SMEs in Thailand. Intellectual capital in SMEs enhances opportunity recognition in SMEs to develop open sustainability innovation, while sustainability-oriented initiatives and an open innovation strategy should be well-placed. SMBs and business policymakers should pay attention to the idea of intellectual capital in terms of socio-rational resources, in which open sustainability innovation projects could be developed through sustainable cooperation.