There is a common perception that Social Media, a form of digital social networks [Boyd and Ellison, 2007] have substantial innovation potential as they can create novel combinations of resources, knowledge, and ideas in the Schumpeterian perspective of innovation. [Schumpeter, 1942]. Furthermore, the innovation created through these “knowledge flows across organizational boundaries” [Chesbrough & Bogers, 2014] can be defined as “Open Innovation” since the interactive nature of Social Media specifically enables these “inflows and outflows of knowledge” [Chesbrough, 2003; Enkel et al., 2009] across firms and ecosystems at a speed and exponential nature never witnessed before. Consequently, Social Media appear to be an ideal tool for Open Innovation [Mount and Martinez, 2014]. The perspective of this work is centred around the inbound and outbound open innovation process designed to save costs and augment innovation possibilities [Bogers and West, 2012; Enkel, Gassmann & Chesbrough, 2009; Dahlander & Gann, 2010]. This research not only analyses social media usage as a tool for open innovation creation, which is a new field, it also addresses an area that is truly under-researched in this relation: SMEs.