Innovation and the Impact of Technology on Women Entrepreneurs in Small and Medium Enterprises in Singapore

Abstract

Women entrepreneurs are making significant contributions to business and economic growth. The realization of the importance of entrepreneurs and innovation as the prime engines of Singapore's economic progress was realized as far back as in the 1960s. Women entrepreneurs are an untapped resource and provide a growth engine for Singapore as they create employment and boost the economy. Enterprise, together with new products and innovation, is crucial for the country's economy. Entrepreneurs drive innovation, they speed up structural changes in the economy and force old incumbent firms to shape up thereby making an indirect contribution to productivity. Innovation is one of the most critical functions of entrepreneurship and it thrives within certain organizational cultures which are shaped by their leaders. The objective of this study is to examine how women entrepreneurs in Singapore have built an innovative organisational culture and how they have used technology to grow their businesses. Using a qualitative approach, this study examines the perception of twelvewomen entrepreneurswho own and manage small and medium-sized enterprises (SMEs) towards innovation and the use of technology in their business. In-depth interviewswere conducted based on a semi-structured questionnaire with open-ended questions. The women entrepreneurs were identified based on certain criteria such as business ownership and demographic profile. Findings show that the women entrepreneurs who were interviewed were very innovative and also open to adopting new ideas and technology to improve and grow their business. The women entrepreneurs recognise the importance of technology for business development in the highly competitive market. They continue to train themselves and their employees to upgrade themselves as they realise that human capital is the driving force that propels the growth of their organisations. They feel that for their businesses to grow, it is vital to constantly innovate and improve human capital. The success and performance of their businesses were largely due to their management and leadership qualities which are prime movers of innovativeness.Implications of these findings for women entrepreneurs and policy implications are also discussed.

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