Information acquisition for technological innovation and technology strategy in small firms

Information acquisition plays an important role for manufacturing firms, in both technological innovation and the formation of technology strategy. Knowledge of new product and process technologies, and awareness of changes in market dynamics and competitor activity will feed into the creative and strategic processes of the firm. Lack of knowledge, however, may seriously limit the ability of smaller firms to advance their technological capability to meet future market needs. This paper aims to explore how small firms value and use external information sources, and considers how this compares with larger firms. Questionnaire surveys and semi-structured interviews are used to investigate the information acquisition processes of a range of manufacturing firms. The implications of these findings then form a basis for exploring the most effective ways for small firms to maintain awareness of future technology and market conditions.