Innovation - Key to Small Business Success

Abstract

The key objective of paper is to study successful innovations and methods adopted by SME’s in manufacturing and service sector, the challenges faced by them, and management of uncertainty. Government policies and regulations play important role in fostering technological developments and innovation. Therefore role of government in innovation through pumping research R & D funds, public-private partnerships and strong role of social group in development of SME’s will be studied. Innovation emerges out of limited choices. The paper will suggest initiatives that can be taken for policy planning: the development of a stronger manufacturing base, target for industrial sector and investment requirement; and a further stepping up of value addition in the services sector. Also we will focus on cost of converting invention into innovation. And in the last, paper will put emphasis on following issues. What does innovation mean for business? Why is innovation important? Innovation in Manufacturing & Exporting Innovation Strategy to foster growth Whose Responsibility is it? And finally the action Plan.