Innovation as an Improvement Tool for SMMEs

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Author(s): Ayansola Olatunji Ayandibu (University of Zululand, South Africa), Makhosazana Faith Vezi-Magigaba (University of Zululand, South Africa)and Irrshad Kaseeram (University of Zululand, South Africa)
Copyright: 2021
Pages: 30
Source title: Reshaping Entrepreneurship Education With Strategy and Innovation
Source Author(s)/Editor(s): Ayansola Olatunji Ayandibu (University of Zululand, South Africa)
DOI: 10.4018/978-1-7998-3171-6.ch005

Keywords: Business & Management / Business Education / Business Science Reference / Entrepreneurship & Innovation

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Abstract

Innovation is one of the major instruments used to improve on the present position of an organisation. Innovation is a way of improving on the present market share while also enhancing competitive advantage for the organisation over its existing rivals. Innovation may be in the form of new products, or new services, or improvements to previous offerings. Innovation is the implementation of any new or significantly improved products (good and services), operational process (methods of production and services delivery), and new marketing methods (packaging, sales, and distribution methods), or new organisation or managerial methods or processes in business practices, workplace organisation, or external relations. Encouraging innovation in small and medium-sized enterprises (SMEs) plays the role of policy initiatives for stimulating growth and development at the local, regional, and national levels.

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