14 Impact of Innovation and Its Role in Small Medium Enterprises’ Sustainability
Abstract
This conceptual chapter explores innovation’s role in the sustainability of small and medium enterprises (SMEs). Innovation is acknowledged as a major factor in the expansion and success of SMEs, particularly in the current quickly evolving corporate climate. The chapter begins by defining innovation and its various types, such as product, process, and organizational innovation. Next, it examines the importance of innovation for SMEs, including its potential to enhance competitiveness, increase productivity, and improve customer satisfaction. The chapter also discusses the challenges faced by SMEs in implementing innovation, such as lack ...
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