Small and Medium Enterprises (SMEs) have to approach open innovation differently than large companies. This practical guide on open innovation is expressly for entrepreneurs and managers in SMEs. The authors provide strategies, techniques, and “tricks of the trade” enabling SMEs to practice open innovation systems profitability and enhance the long-term value of their company. Included are tools such as brokers, auctions, crowdsourcing, technology transfer, and spin-ups, making it useful for people already in business, starting businesses, or seeking supplemental material for courses.