Research and small company practice have a different logic. It is difficult to bring these two greatly differing activities together to create mutual benefit within a research project on innovation management. This is a problem especially if the researcher wishes to make a direct practical contribution to the companies involved in the research. This research aims to explore the difficulties in collaboration for mutual benefit, but also provides an example of a research approach which created mutual benefit for all involved. The conclusions build on an earlier PhD project on product innovation processes in small companies together with extensive reflections and discussions with the strategic manager at one of the involved companies. The study presents several major differences between research and small company practice and gives arguments for why more traditional research approaches in the innovation management field by themselves, such as survey and interview research, seem to be less suitable if mutual benefit is a goal. Finally, the study illustrates a research approach creating mutual benefit, knowledge creation, and knowledge transfer from academia to business practice and vice versa. This research approach includes concurrently giving the involved company valuable input and flexibility so as not to disturb the company’s cash flow.
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