Exploring the Potential of Open Innovation 2.0 and Web 3.0 for SMEs

The new paradigms of Open Innovation 2.0 and Web 3.0 have opened advanced possibilities for new dimension of digital collaboration and co-creation on each level of society. The Open Innovation 2.0 paradigm includes various concepts and practices, such as the principle of shared value, co-creation, high expectation entrepreneurship and triple helix innovation, which enable establish a new ecosystem for Open Innovation. Moreover, with Open Innovation 2.0 paradigm establishment the number of new concepts have emerged or became more developed: Industrial and B2B crowdsourcing, Smart Cities etc. If Web 2.0 is defined as Web of communication tools, social media developing and folksonomy, which led to collaboration and sharing among users, Web 3.0 can be characterized with three main words: open, intelligent and personalized. Web 3.0 still does not have unified definition and different concepts exist, but it is undeniable that the new dimension of Web is on the verge of coming and new paradigms of Open Innovation 2.0 and Web 3.0 have to work together in the nearest future. Open Innovation has been the prerogative of multinational companies and NGOs so far. Today small and medium-sized enterprises represent 99% of all businesses in the European Union, thus, the importance of new e-tools to raise the level of competitiveness, innovations and cooperation with different stakeholders have become increasingly salient for SMEs. Open innovation enables to find new business opportunities for SMEs, which, usually, do not possess enough in-house sources: technologies, human and financial resources, knowledge and to use external sources. Moreover, with open innovation adoption SMEs can leverage external technologies by setting up a network with partners who have the required competencies or own assets to develop and commercialize a new offering. The paper focuses on building theoretical model for adopting Open Innovation 2.0 and Web 3.0 tools in SMEs and testing the model empirically. As far as the new paradigms are on the phase of penetration, the emphasize of the empirical research is on the qualitative research: experts' reviews and practitioners interviews.