Who Needs Innovation : Do SMEs really give up on innovation ventures?
Abstract: Background: Small and Medium enterprises (SMEs) are the main contributors of innovation. However, there are challenges that organizations face even if they foster innovation. These constraints are often external or internal and dependent on organizations resources and capabilities. It is often based on financial limits, the market, technology, human resources, skilled labor and information being limited. Even though there is research available about these factors separately, there is limited understanding of their influences on innovation ventures. Purpose: The purpose of this study is to understand what hinders companies in their innovation processes and if there are influencing reasons that forces Small and Medium Enterprises to give up on their innovation ventures. Methodology: This study is qualitative and took an inductive exploratory approach where the data was collected through in-depth semi-structured interviews. Six SMEs were interviewed based on a convenience judgmental sample and analyzed through the use of content analysis. Conclusion: This study concludes that, management, finance, marketing and shortcomings are the main influences that can hinder innovation processes but also lead SMEs to give up on innovation ventures as well.
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