The innovation in SMEs Samples for Students †MyAssignmenthelp.com

Question: Discuss about the Innovation in SMEs. Answer: Introduction The innovation in SMEs is aimed at creating something new by connecting them directly with creative businesses. It results from a unique idea and gives birth to a new product and service. The ability of creating innovation is a critical part to sustain competitiveness. The SMEs in Oman has been experiencing growth and development due to the commendable actions taken by the government. (Bilal and Al Mqbali 2015). Objective The main objective of importance in SMEs is to promote, encourage and manage the innovative products and place them in such a way so as to enable sustained growth at the international level. The purpose of innovation in SMEs is to enhance the research and development in an improved environment that facilitates a wide range of support services. It further aims to strengthen the innovation capacity of the SMEs and thus create a market value to pave the way for a smart, sustainable and inclusive growth. Importance Innovation in SMEs is important for promoting a broad thinking to cultivate unique businesses in Oman. It is important to stay in the competitive market by fighting against the rival companies (Saqib, Baluch and Udin 2017). Impact Innovation in SMEs has a positive impact on the efficiency and performance of the firms. It not only helps in a better performance but also understand the need of growth and development, thus paving the way for economic improvement. Example and chart MDL project produced connected sets of data for evaluating business structures and performance in a collective way thus making transnational comparisons feasible. Six out of none countries that took part in the MDL project broke down their SMEs into dependent and independent enterprises. Fig: Innovation framework for SMEs Source: (Bilal and Al Mqbali 2015) Fig: Share of dependent and independent enterprises by size, class and economy Source: (Saqib, Baluch and Udin 2017) Fig: Specification of innovation in SME Source: (Bilal and Al Mqbali 2015) Summary Therefore it can be concluded that the small and medium enterprises are critical to the financial situation of all the countries. It became the most important priority in creating self- employment opportunities for the youth. References Bilal, Z.O. and Al Mqbali, N.S., 2015. Challenges and constrains faced by small and medium enterprises (SMEs) in Al Batinah governorate of Oman.World Journal of Entrepreneurship, Management and Sustainable Development,11(2), pp.120-130. Saqib, M., Baluch, N.H. and Udin, Z.M., 2017. Moderating Role of Technology Orientation on the Relationship between Knowledge Management and SMEs' Performance in Oman: A Conceptual Study.International Journal of Economic Perspectives,11(1), pp.433-441.