Technology mining for small firms: Knowledge prospecting for competitive advantage

Successful small businesses effectively use outside information. High tech small firms are designed to be flexible and innovative. They are often built upon a successful innovative product. These organizations are challenged to remain innovative in a fast-paced competitive environment. However, they face constraints due to the costs associated with the development of continuous innovation. This paper presents technology mining as a method to aid small firms in remaining knowledgeable about innovative ideas. In doing so, the authors present findings from a small high tech company whose issues are typical of other small high tech firms. Areas for improvement and recommendations to address those areas are also presented for review and further reflection.