Abstract
This study aims to refine the broad idea of innovation by focusing on four specific types: product innovation, organizational innovation, process innovation, and R&D. These four categories will be used to measure the extent of innovation. The statistical model is used to examine the association between such innovations and business performance. The model is based on a sample size of 7,788 enterprises, with data provided by the Vietnamese General Statistics Offices. The findings validate the presence of product innovation, organizational innovation, and R&D as factors influencing SME success. Among these factors, organizational innovation has the highest influence, followed by product innovation and R&D. The causal link between process innovation and SME performance remains unestablished, as SMEs, comprising 95% or more of the market, primarily allocate their investments towards organizational innovation, product or service innovation, and R&D. This discovery serves as a valuable point of reference for both businesses and policymakers. It highlights the importance of considering potential forms of support for SMEs in order to foster innovation and achieve success.
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