SMEs are believed to be key contributors to GDP in many developing economies since they dominate business landscape in proportion to large corporates.
The survival of these small businesses is believed to be hinged on continuous innovative strategies that enables them to stay on top of competition.
Consequently, knowing the importance of innovation/innovative management strategies as an enabler for business continuity and survival will be good input for this work.
The ontological assumption of innovation is to bring sustainability in the firm. The question might be how can a SMEs develop innovative outcomes?
With the caveat that our work is in developed countries rather than developing, this project may be of interest: https://research.ncl.ac.uk/ruralenterpriseuk/ I would suggest your question has two aspects to it. The first is the the firm level. Innovation takes various forms, classically product or service innovation. These help sustainability by improving productivity and profitability. Other forms of innovation such as process innovation also do this.
Innovation often happens through the acquisition of knowledge through networks. Therefore as well as firm level analysis there is a need to examine the innovation ecosystem in a place. This access to knowledge to create the conditions for innovation is vital to individual businesses sustainability. If they are outside these innovation networks they will not innovate and probably fail. Being in such a network grows individual SMEs and the overall stock of SMEs. Hope this is useful. Regards Paul
Many thanks Paul. Very useful suggestions. You have shared insightful prelude to an interesting research.
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