Creating a culture of innovation: How can small and medium‐sized enterprises (SME) compete?

Abstract

Purpose

This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting‐edge research and case studies.

Design/methodology/approach

This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context.

Findings

Innovation and creativity are prerequisites to successful development of both new processes and new products. Therefore, these attributes are essential for companies wishing to remain competitive. But where do these necessary attributes come from? Is it through good management? Is it by hiring the most creative individuals? Does it require an institutional culture that fosters creativity? These are all important questions that need to be addressed by firms wishing to increase creativity and competitiveness. Small and medium‐sized enterprises (SME) may be particularly keen to discover how they can compete with larger companies by becoming more innovative and creative than their larger competitors.

Practical implications

The paper provides strategic insights and practical thinking that have influenced some of the world's leading organizations.

Originality/value

The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy‐to digest format.

Citation

(2013), "Creating a culture of innovation: How can small and medium‐sized enterprises (SME) compete?", Development and Learning in Organizations, Vol. 27 No. 2, pp. 26-29. https://doi.org/10.1108/14777281311302076