Analysis of strategic innovation capability development of Singapore SMEs.
[Dissertation (University of Nottingham only)]
The emergence of the knowledge economy, intense global competition and considerable technological advance has seen innovation become increasingly central to competitiveness.
Innovation is diverse and pervasive. It is applicable to every facet of business activity of each enterprise.
SMEs are increasingly important components of the industrial structure. SMEs are the key drivers behind innovations and creative entrepreneurship. SMEs are the critical part of Singapore enterprise ecosystem. The role of SMEs in a country economic development is well recognized. But SMEs in Singapore are not as dynamic and innovative as many other developed countries, even compared with some other Asian economies like Hong Kong or Taiwan. Its productivity is only about half that of the non-SME establishment.
Innovation of product, process, technology and business practices is imperative for Singapore SME. It will make Singapore SME improve competitiveness; unlock new markets and generating new customers; develop new and improved product and services; make management and administrative system more efficient and effective.
However, managing the complex and risky process of innovation has been problematic and fraught with difficulty (Kanter, 1989; Quinn, 1985). Besides the barriers and challenges of innovation for SMEs, like capable talents, competitions etc, Singapore SMEs also face many challenges unique to Singapore economy; like the lack of innovation and entrepreneurial culture; dominance of economy by MNCs and GLCs, extremely small local market and lack of natural resources etc.
This study is based on the questionnaire of the Singapore SME samples in Singapore about the innovation capability and planning. In this paper we will look into some of the key internal and external factors determining the Singapore SME innovation capability, like the management and strategy, source of innovation, innovation process, market, customer communication, national innovation system etc. The interaction among them, resulted innovation barriers and challenges for SME innovation capability and performance is analyzed systematically.
The purpose of the paper is to
1) To define and review the key internal factors, external factors and their interactions which are instrumental to the SME innovation capability development
2) To perform the detailed analysis of Singapore firm innovation capability, performance, barriers and challenges in relation to the firm internal , external factors and their interactions
3) To develop the innovation model for Singapore SMEs and the recommendations for SMEs innovation development strategy
SME innovation capability is determined by internal factors, external factors and the interactions between them. Singapore SMEs must now build up distinctive competencies and use innovation strategies to differentiate themselves in order to survive and thrive in today's dynamic business environment. It is argued in the paper that the internal factors are the most critical for the innovation success of Singapore SMEs. The government policy and national innovation infrastructure aiming mainly for the external factors improvement is recommended to address some main challenges and constraints faced by Singapore SMEs for the development and growth of innovation capability.
Dissertation (University of Nottingham only)
||Singapore , SME , innovation, innovation capability, innovation internal and external factors, small economy
||30 Jun 2008
||23 Oct 2016 09:08
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