14 Impact of Innovation and Its Role in Small Medium Enterprises’ Sustainability
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Aveline S.
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 of resources, limited access to financing, and risk aversion. Finally, the chapter proposes strategies that SMEs can use to foster a culture of innovation, including investing in research and development, collaborating with partners, and leveraging technology. Overall, this chapter highlights the critical role that innovation plays in the sustainability of SMEs and provides practical recommendations for SMEs to improve their innovation capabilities.
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 of resources, limited access to financing, and risk aversion. Finally, the chapter proposes strategies that SMEs can use to foster a culture of innovation, including investing in research and development, collaborating with partners, and leveraging technology. Overall, this chapter highlights the critical role that innovation plays in the sustainability of SMEs and provides practical recommendations for SMEs to improve their innovation capabilities.
Chapters in this book
- Frontmatter I
- Preface V
- Contents VII
- Introduction IX
- 1 Enhancing SMEs’ Sustainability Through Innovative Practices 1
- 2 The Approach of SMEs Towards Green Management Practices 17
- 3 Factors Influencing Financial Backers’ Exit Decisions from a New Venture 33
- 4 Technological Advancement in Industrial Revolution 4.0 for Sustainable Development of India: Understanding Linkages in Theory and Practice 57
- 5 Impact of Macroeconomic Determinants and Corporate Attributes on Firms’ Financial Success in India 73
- 6 Exploring Individual Investor Intentions Towards Socially Responsible Investment 95
- 7 Ownership Structures and Performance of SMEs: An Empirical Analysis 119
- 8 Short-Run Pricing Performance of Selected Indian IPOs During COVID-19 for Alternative Investment Avenue 141
- 9 Emerging Green: Exploring Strategic Factors for SMEs’ Adoption of Green Technology and Innovation in India 165
- 10 Impact of Sustainability and Green Finance on SMEs to Promote Green Growth 187
- 11 Progress Intention and Sales Revenue Growth in Micro, Small and Medium Enterprises (SMEs) 199
- 12 Green Management Practices by Small and Medium Enterprises 211
- 13 An Analysis of MSMEs’ Contributions to the Promotion of SDGs in India 227
- 14 Impact of Innovation and Its Role in Small Medium Enterprises’ Sustainability 247
- 15 Effect of Government Policies on SME Innovation and Entrepreneurship 267
- 16 A Study on Various Aspects of SMEs’ Orientation for Corporate Social Responsibility 285
- 17 SME and Environmental Sustenance: Digital Marketing in SMEs via Data- Driven Strategies 315
- List of Contributors 333
- About the Editors 339
- List of Tables 341
- List of Figures 343
- Index 345
Chapters in this book
- Frontmatter I
- Preface V
- Contents VII
- Introduction IX
- 1 Enhancing SMEs’ Sustainability Through Innovative Practices 1
- 2 The Approach of SMEs Towards Green Management Practices 17
- 3 Factors Influencing Financial Backers’ Exit Decisions from a New Venture 33
- 4 Technological Advancement in Industrial Revolution 4.0 for Sustainable Development of India: Understanding Linkages in Theory and Practice 57
- 5 Impact of Macroeconomic Determinants and Corporate Attributes on Firms’ Financial Success in India 73
- 6 Exploring Individual Investor Intentions Towards Socially Responsible Investment 95
- 7 Ownership Structures and Performance of SMEs: An Empirical Analysis 119
- 8 Short-Run Pricing Performance of Selected Indian IPOs During COVID-19 for Alternative Investment Avenue 141
- 9 Emerging Green: Exploring Strategic Factors for SMEs’ Adoption of Green Technology and Innovation in India 165
- 10 Impact of Sustainability and Green Finance on SMEs to Promote Green Growth 187
- 11 Progress Intention and Sales Revenue Growth in Micro, Small and Medium Enterprises (SMEs) 199
- 12 Green Management Practices by Small and Medium Enterprises 211
- 13 An Analysis of MSMEs’ Contributions to the Promotion of SDGs in India 227
- 14 Impact of Innovation and Its Role in Small Medium Enterprises’ Sustainability 247
- 15 Effect of Government Policies on SME Innovation and Entrepreneurship 267
- 16 A Study on Various Aspects of SMEs’ Orientation for Corporate Social Responsibility 285
- 17 SME and Environmental Sustenance: Digital Marketing in SMEs via Data- Driven Strategies 315
- List of Contributors 333
- About the Editors 339
- List of Tables 341
- List of Figures 343
- Index 345
