Leaping innovation barriers to small business longevity

Sonia L. Taneja · Mildred Golden Pryor · Mario Joseph Hayek

101 citations0/0 files storedJournal of Business Strategy

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Business Strategies and Innovation Firm Innovation and Growth Business Strategy and Innovation

Abstract

Purpose The purpose of this paper is to address the challenges faced by small businesses and to explain the importance of using strategic innovation to achieve long-term sustainability and viability. Design/methodology/approach This study of small business innovation includes reviewing the types and determinants of innovation as well as strategies to overcome innovation barriers. In addition, the authors developed a model that portrays elements needed for strategic innovation that supports the long-term viability of small businesses. Findings Small businesses serve as the economic foundation for many nations because they stimulate innovation, provide jobs, foster competitiveness and support overall economic growth. Small businesses can rapidly adapt to change, adopt new strategies and provide flexibility that supports strategic innovation. As a result, strategic innovation is a key driver of sustainable competitive advantage for small businesses. Practical implications Small business leaders need to integrate strategic innovation with their strategic planning to remain competitive. The strategic innovation model presented in this paper can assist them in understanding elements needed for successful strategic innovation and long-term viability. Social implications Globally, small businesses exert a strong influence on economic growth and create opportunities, employment and technological development. This paper will assist small business leaders as they strive to use strategic innovation to strengthen their competitive capabilities. Originality/value The unique strategic innovation model that the authors developed can help small businesses to achieve long-term sustainability and viability in the competitive marketplace.

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References

2005Market imperfections, opportunity and sustainable entrepreneurship 2011The Future of Resource-Based Theory 2009Relationship between cooperation networks and innovation performance of SMEs 2010Innovation practice and its performance implications in small and medium enterprises (SMEs) in the manufacturing sector: a resource‐based view 2009The Open Innovation Journey: How firms dynamically implement the emerging innovation management paradigm 2011Drivers of innovation ambidexterity in small- to medium-sized firms 2012From innovation to commercialization through networks and agglomerations: analysis of sources of innovation, innovation capabilities and performance of Dutch SMEs 2014Intangible aspects of innovation capability in SMEs: Impacts of size and industry

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