Abstract
The modern world is inclined towards the comfort of digitalization through creative ideas and innovation. Interest in modern living and a tech-savvy lifestyle has made innovation the most important parameter for business. With the increase in business competition and from global competitors, low-cost innovative products are taking the center stage. Also, uncertain financial or natural interruptions are forcing the company to adapt to better means of producing products or providing services for their survival. Recent tension with India's biggest importer and the government's push for 'vocal for local' initiatives have made innovation a compulsory aspect to be better or at par with the importing country's product and pricing to cater to the growing demand of the domestic consumers. The study is focused on the backbone of India's economy i.e., MSMEs. Rural MSMEs are far behind their urban counterparts in the adoption of innovation in their business. The study was conducted using the responses of 223 rural MSMEs in India. IBM SPSS and AMOS were used to know the factors behind the MSMEs' adoption of innovation. The study will help the government, scholars, academicians, and institutions providing support for business innovation to chalk out a better process to cater to the needs of these MSMEs in understanding and implementing innovation in their business.
Highlights
The whole world is in the grip of the Covid-19 pandemic
This paper studies the perception of the MSMEs especially the rural enterprises towards employing creativity and innovation for their business
Many studies have pointed out those enterprises that survive this race and those who are at the forefront are those embracing innovation (Nurzal & Hastuti, 2009)
Summary
The whole world is in the grip of the Covid-19 pandemic. It is almost a year that every country is fighting this pandemic and trying to survive. It has affected almost every sphere of humanity, directly took lives and caused financial testability. The impact of Covid-19 was felt the most by the small businesses. It brought devastation for humanity and for the survival of the business, their employees, or their revenue generation capability (ILO, 2020). The severity of Covid-19 has forced the government to have extended lockdowns, this disrupted the supply chain of both the raw materials and finished goods and the availability of workforce was uncertain during these times (Tripathi, 2020)
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