Innovation through research and development (R&D) is a focus in most developed, as well as developing, nations wishing to improve environmental and other socio-economic conditions. To account for the upsurge and growth of technological developments and innovations, countless approaches in the form of policies and strategies have been adopted by governments and policy makers. Small and medium enterprises (SMEs) are often considered to be the engine of the economy and are generally positioned at the centre of attention by policy makers desiring to foster technological developments and innovations and to sustain an economy based on innovation and knowledge. 