Strategic Approach for Increasing Innovation Capacity of the Smes

Angeloska Dichovska, Monika and Boshkoska, Meri and Angeleski, Marjan (2022) Strategic Approach for Increasing Innovation Capacity of the Smes. In: 27th International Scientific Conference Strategic Management and Decision Support Systems in Strategic Management, 20 May, Subotica.

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Abstract: Small and medium-sized enterprises (SMEs) are crucial for any national economy through their vital
contribution to sustainable growth, economic development and employment. The digital revolution, globalization, and
the latest impact and pressure caused by the Covid-19 pandemic have posed even greater barriers and challenges for
these enterprises.
In order for small and medium-sized enterprises to respond to the new challenges, to participate in the market and gain
a competitive position, they need to be different, and this can only be accomplished through an innovative way of
working. To foster innovation, strategic changes are needed in the operation of the SMEs, with a focus on the people
involved, the ways and methods used in the organizational environment, and the desired innovation results.
Connecting to the external environment (networking) and/or using an open innovation system are also fundamental to
the success of the enterprise innovation process.
Innovative capacity of the businesses is a function of the organization’s culture, resources and networks. The main
purpose of this paper is to identify certain strategic factors that contribute to creating an innovative organizational environment and fostering

Item Type: Conference or Workshop Item (Paper)
Subjects: Scientific Fields (Frascati) > Social Sciences > Economics and Business
Divisions: Faculty of Economics
Depositing User: Efp Eprints
Date Deposited: 27 Sep 2022 08:04
Last Modified: 27 Sep 2022 08:04

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