The Importance of Innovation in Micro, Small, and Medium Enterprises (MSMEs) and Achieving Sustainable Economic Development
Keywords:
MSME, Innovation, Sustainable Economic Development, EnvironmentAbstract
Micro, small, and medium enterprises (MSMEs) play a critical role in the economic growth and development of any country. These enterprises are often faced with challenges such as limited resources, stiff competition, and market saturation. In this context, innovation has emerged as a crucial tool for MSMEs to differentiate themselves and stay ahead in the market and for achieving sustainable economic development for the nation. Methodology: This paper by reviewing the literature, highlights the importance of innovation in MSMEs and its impact on the growth and success of these enterprises. Findings: By adopting new technologies and processes, MSMEs can overcome challenges such as limited resources, stiff competition, and market saturation. In today's fast-paced and constantly changing market, innovation has become a critical tool for MSMEs to remain competitive and achieve success. Implication: Governments, financial institutions, and other stakeholders must work together to support MSMEs in their pursuit of innovation, helping them to overcome barriers and achieve their full potential in achievement of sustainable economic development and growth of nation. Originality: This paper is original work of author and all the sources and references are duly cited.
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