Over the past 30 years since the reform and opening up the practice shows that opening market cannot bring core technologies without which enterprises can not achieve sustainable development. SMEs must have their own core technologies if they want to reach the set goal of economic development, so independent innovation becomes an inevitable choice for sustainable development of SMEs. In this paper, the new conception of SMEs' joint ventures of independent innovation is proposed to solve the difficulties SMEs are facing, such as shortage of technology and products with independent intellectual property rights, resources, social prestige and recognition. The authors research into the incentive mechanism's effect by the option theory, and point out that SMEs should make full use of resources from the government and establish different forms of research joint ventures (RJVs) according to the needs of their development. Thus in the stage of R&D they can invest and R&D jointly, share the results and achieve common development, while in the stage of producing and marketing they will compete.
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