Why Networking is so Crucial?
Network formation plays an important role in the enhancement of firm performance and its innovation capability.
Considering that knowledge and technology sharing are crucial resources for firm development, the processes of interaction in which companies combine and recombine resources at the network level gains particular importance as those interactions could positively affect company output.
Those links become particularly essential in the case of small and medium sized companies or eraly-stage businesses.
Here are some crucial aspects of Networking practices:
- To create opportunities
- To share resources, experiences
- To do open innovation
- To develop skills
- To achieve economies of scale and synergies
- To access greater resources
- To get bigger and safer
- To increase the contractual power
- To increase business volume
- To acquire knowledge and expertise
- To internationalize
- To bid for international grants