This chapter presents and interprets the research findings derived from semi-structured in-depth interviews and the statistical evaluation of an online survey. Using one-sample t-tests, the survey results are analyzed across various industries and company sizes to determine both the direction and statistical significance of the responses. The findings provide insights into the factors that enable companies—particularly German SMEs—to adopt innovative strategies effectively. Building on these results, the chapter identifies crowdsourcing as a suitable tool to support open innovation within German SMEs. To this end, the study conducts a Target Product Profile (TPP) analysis of existing crowdsourcing platforms and, based on its outcomes, conceptualizes a new crowdsourcing platform specifically tailored to the innovation needs of German SMEs. This conceptual framework offers a structured approach to enhance SMEs’ innovation capabilities and competitiveness through collaborative, digitally supported innovation management.