Innovation Management in Small and Medium Enterprises (SMEs)

Abstract

Small and Medium Enterprises (SMEs) form the backbone of economies, particularly in developing regions like Pakistan, where innovation plays a crucial role in their survival and growth. This article explores the management of innovation in SMEs, focusing on the strategies employed to foster creativity, develop new business models, and enhance firm performance. With the global shift towards digital entrepreneurship, the dynamics of innovation management have transformed significantly. This research examines the challenges faced by SMEs in Pakistan, explores the role of digital tools, and investigates the effects of external partnerships, incubators, and accelerators in driving innovation. Through a comprehensive analysis, this study aims to shed light on the critical factors that enable SMEs to remain competitive in an increasingly dynamic market environment.